Stock futures pointed to a lower opening for Bay Street on Tuesday, mirroring declines in global markets after the Bank of Japan painted a bleaker picture of the Japanese economy and oil prices dropped again.
The S&P/TSX Composite Index was negative 44.46 points to close Monday at 13,477.54. Futures doffed 0.8% early Tuesday
The Canadian dollar tumbled 0.62 cents to 74.76 cents U.S. early Tuesday.
Valeant Pharmaceuticals International Inc cut its revenue forecast for the year by about 12%, or $1.5 billion, citing slower growth in its
U.S. dermatology, gastrointestinal and women's health businesses.
Amaya Inc, the owner of online gambling sites PokerStars and Full Tilt, reported a better-than-expected quarterly profit as it added more customers.
Canaccord Genuity raised the target price on Boardwalk REIT to $54 from $47.50
NBF cut the ratings on Canadian National Railway to sector perform from outperform
CIBC raised the target price on Detour Gold to $24.00 from $22.00
The Japanese central bank said it would maintain its massive asset buying programme at existing levels and suggested it may roll out more stimulus as it struggles to reach an elusive inflation target.
ON BAYSTREET
The TSX Venture Exchange lost 5.52 points Monday to 570.79
ON WALLSTREET
U.S. stock futures are firmly in the red.
Ahead of the opening bell, futures for the Dow Jones Industrials slid 75 points, or 0.4%, to 17,053, futures for the S&P 500 slumped 10.5 points, or 0.5%, to 1,998.75. NASDAQ futures fell 14.25 points, or 0.3%, to 4,343.5
Specialty grocery chain Fresh Market is being bought by Apollo Global Management for nearly $1.4 billion U.S. Shareholders are being offered $28.50 U.S. per share in cash. Speculation about a takeover had been swirling for weeks.
The main company reporting earnings this morning is Valeant Pharmaceuticals. The embattled drug maker has been struggling since a short-selling firm accused it of massive fraud. The company has denied the allegations, but has remained under heavy scrutiny.
Valeant said in February it would restate its 2014 and 2015 earnings after it booked millions of dollars in sales at the wrong time.
Oracle will report earnings after markets close.
Economically speaking, the U.S. Census Bureau is posting February's retail sales report this morning. Total sales were up in January despite a notable drag from cheap gasoline.
European markets are declining by about 1% in early trading. Nearly every major Asian stock market ended the day with losses.
Investors may be feeling disappointed after the Bank of Japan left its monetary policy unchanged without announcing fresh measures to stimulate the economy.
Oil prices tumbled 76 cents to $36.42 U.S. a barrel
Gold prices dwindled $2.34 to $1,232.93 U.S. an ounce.
