Equities in Toronto looked set to open lower on Tuesday after another batch of weak data from China stoked concerns about the health of the global economy.
The S&P/TSX Composite Index grew 171.1 points Monday, or 1.3%, to 13,383.60, having posted eight positive sessions in a row.
Futures, however, were lower 0.2% Tuesday morning.
The Canadian dollar sank 0.25 cents to 75.04 cents U.S. early Tuesday.
Exports from the world's second-biggest economy tumbled 25.4% in February, compared with the same month last year, while its imports dropped 13.8%.
Enercare Inc said its unit agreed to buy U.S-based SEHAC Holdings Corp (Service Experts Heating & Air Conditioning) for $340.8 million U.S., excluding transaction costs, to expand in North America.
A major Canadian securities regulator on Monday ruled that Corus Entertainment Inc need not disclose more details of its $2.65-billion proposal to buy media assets from Shaw Communications Inc, meaning a shareholder vote due on Wednesday could proceed.
UBS raised the target price on Canadian Pacific Railway to $196 from $178, with a buy rating.
Canaccord Genuity upped the target price on Raging River Exploration to $11 from $10.50, with a buy rating
Canaccord Genuity initiated coverage on Sabina Gold and Silver Corp. with a speculative buy rating
On the economic slate, Statistics Canada reported Tuesday morning that municipalities issued building permits worth $6.4 billion in January, down 9.8% from the previous month.
The agency attributes this decline to lower construction intentions for multi-family dwellings in British Columbia and Ontario and, to a lesser extent, institutional buildings in Quebec and Alberta.
At the same time, Canada Mortgage and Housing Corporation reported that the seasonally-adjusted annualized rate of housing starts rose to 212,594 units in February from a downwardly revised 165,071 units in January. Forecasters had expected 180,000 starts.
ON BAYSTREET
The TSX Venture Exchange picked up 9.05 points, or 1.6%, Monday to 571.44
ON WALLSTREET
U.S. stock futures are slipping Tuesday.
Ahead of the opening bell, futures for the Dow Jones Industrials moved earthward 66 points, or 0.4%, to 16,982, futures for the S&P 500 were down 9.75 points, or 0.5%, to 1,989.25. NASDAQ futures dropped 24.75 points, or 0.6%, to 4,275.25.
The U.S. government is cracking down on Chinese telecom equipment maker ZTE over an alleged scheme to dodge sanctions on Iran. It is imposing restrictions that will make it harder for ZTE to acquire U.S. components. ZTE's shares were suspended in Hong Kong, and it's unclear when trading in the stock will resume.
European markets are dipping by over 1% in early trading. Most Asian markets ended the day with losses, though the main Chinese indexes managed to hold steady.
Official data shows the euro-zone economy grew by 1.6% in 2015, slightly higher than the preliminary estimate. It is significantly better than the 0.9% growth from 2014. But even as economic activity improves, deflation continues to plague the region.
China's trade numbers are in the spotlight Tuesday after data showed exports shrank by 20.6% in February compared to the previous year.
China's economy is now registering its slowest pace of growth in 25 years after decades of breakneck expansion.
Oil prices acquired 34 cents to $38.24 U.S. a barrel
Gold prices gained $5.98 to $1,273.31 U.S. an ounce.
