Stock futures pointed to a lower opening for markets in Toronto as concerns about a potential slowdown in economic growth weighed on investor sentiment.
The S&P/TSX Composite zoomed 194.33 points, or 1.4%, to conclude Monday at 14,258.87
The Canadian dollar dipped 0.54 cents to 77.3 cents U.S. early Tuesday
Linamar Corp will build a 2.7-billion-dirham plant in Morocco to make engine parts, Morocco's industry minister said on Monday. Moulay Hafid Elalamy said U.S. auto parts maker Delphi will also launch a new factory making electrical distribution systems and a research and development center in the North African kingdom.
Spanish drugmaker Almirall which is building up its business in skin treatments, could be interested in acquiring dermatology assets from Valeant Pharmaceuticals. Valeant is looking at divesting various products as it tries to reduce its massive debt load, with new CEO Joe Papa open to selling a range of assets if the price is right.
CIBC raised the target price on Gran Tierra Energy to $4.75 from $4.00 as the acquisition of PetroLatina Energy, which is expected to close by October 31.
CIBC also raised the target price on Methanex Corp to $37.00 from $36.00 as Global demand of methanol is expected to increase from 78Mt in 2015 to 92Mt in 2018.
Jean Coutu Group reports earnings this morning, expecting Q1 figures of 28 cents per share.
ON BAYSTREET
The TSX Venture Exchange ballooned 17.38 points, or 2.4%, Monday to 747.82
ON WALLSTREET
U.S. stocks are poised to open lower Tuesday after the long weekend.
Ahead of the opening bell, futures for the Dow Jones Industrials dropped 110 points, or 0.6%, to 17,756, while futures for the S&P 500 faded 14 points, or 0.7%, to 2,082.25. NASDAQ futures collapsed 29.75 points, or 0.7%, to 4,403.50.
Markets in the U.S. were closed Monday for Independence Day.
Tesla shares are down pre-market, following news of a deadly crash involving its autopilot technology last week. Over the weekend, Tesla also revealed its deliveries in the second quarter were lower than anticipated.
U.S. factory orders data for May are expected at 10 a.m. ET.
Asian markets ended the session in the red and European markets are sliding lower in early trading. Germany's DAX and France's CAC 40 are both down about 1.5%.
The FTSE 100 is dipping 0.7% and the pound is trading around $1.31 U.S. – a three-decade low.
The Bank of England was scheduled to publish its financial stability report this morning. The report will give more details about the risks the central bank expects from the Brexit vote.
Oil prices slid $1.53 to $47.46 U.S. a barrel
Gold prices backpedaled $10.00 to $1,349.00 U.S. an ounce.
