Futures in Toronto tumbled on Tuesday as oil prices slipped to a one-month low, following a surprise fall in gasoline demand in the United States and skepticism over a potential deal to freeze output.
The S&P/TSX Composite Index plummeted 104.29 points to close Monday at 13,336.15. June futures dipped 0.9%
The Canadian dollar faded 0.45 cents to 75.96 cents U.S. early Tuesday.
Hudson's Bay Co reported a smaller-than-expected quarterly profit as expenses soared and sales at established Saks Fifth Avenue stores dropped.
Valeant Pharmaceuticals International will cut its sales force for Addyi, a treatment aimed at female sexual dysfunction, as well as some employees who sell dermatology products
Barclays reinstates Shaw Communications with equal-weight rating, and $26.00 target
Moreover, Barclays reinstates Corus Entertainment with underweight rating and $11.00 target
NBF resumes coverage on Enercare Inc. with outperform rating and $18.50 price target
On the economic front, Canadian International Merchandise Trade deficit with the world widened from $628 million in January to $1.9 billion in February, according to Statistics Canada.
The agency went on to say Canada's exports fell 5.4% to $43.7 billion in February, after reaching a record high in January. Export prices decreased 3.2% and volumes were down 2.2%. Imports declined 2.6% to $45.6 billion, as prices were down 1.4% and volumes decreased 1.2%.
ON BAYSTREET
The TSX Venture Exchange remained positive 1.34 points Monday to 582.75
ON WALLSTREET
U.S. stock futures are sinking and every major market index in Europe is trading lower.
Ahead of the opening bell, futures for the Dow Jones Industrials retreated 103 points, or 0.6%, to 17,539, while futures for the S&P 500 tailed off 14.5 points, or 0.7%, to 2,043. NASDAQ futures fell 27.5 points, or 0.6%, to 4,472.75.
Shares in drugmaker Allergan are crashing premarket after the U.S. Treasury announced it is cracking down on companies that try to reduce their tax bills by merging with foreign firms.
Pharma giants Pfizer and Allergan announced late last year that they would combine in a blockbuster deal that might help Pfizer save money on its tax bill. These types of deals are called "inversions".
Tesla shares are also sinking pre-market after the automaker said it sold fewer cars than expected in the first quarter.
Disney shares could be under pressure Tuesday after Thomas Staggs, the heir apparent to CEO Bob Iger, abruptly announced he was leaving the firm. In a statement, Disney said it would "broaden the scope of its succession planning process."
The key companies scheduled to report earnings this morning are Walgreens and Darden Restaurants, which owns Olive Garden.
Economically speaking, the U.S. Census Bureau will report the country's trade balance for February. In January, the U.S. trade deficit widened to $45.7 billion.
The Institute for Supply Management will update its services index with March's number at 10 a.m.
Most Asian markets were also in the red Tuesday, but the Shanghai Composite managed to stay in positive territory.
Oil prices ducked back five cents to $36.90 U.S. a barrel
Gold prices bolted higher $15.89 to $1,231.32 U.S. an ounce.
