Markets in Canada’s biggest centre were set to open lower on Tuesday as investors turned cautious after North Korea fired a missile over Japan’s northern Hokkaido Island, sparking concerns of fresh tension between Washington and Pyongyang.
The S&P/TSX Composite Index fell 3.96 points to close Monday at 15,052.03
September futures dove 0.7% on Tuesday morning.
The Canadian dollar picked up 0.31 cents to 80.17 cents U.S. Tuesday morning.
Bank of Nova Scotia reported stronger than expected third-quarter results, driven by a robust performance of its domestic and international operations.
Bank of Montreal reported third-quarter earnings which were ahead of expectations, driven by strong growth of its Canadian retail and wealth management businesses.
Home Capital Group Inc named Canaccord Genuity Group veteran Brad Kotush as its chief financial officer, effective September 1.
Canaccord Genuity raised the rating on Toromont Industries to buy from hold, raises target price to $58.00 from $50.00
Eight Capital cut the rating on Polaris Materials to neutral from buy, and raised price to $2.79 from $1.15
On the economic schedule, Statistics Canada reported that its industrial product price index declined 1.5% in July, mainly due to lower prices for motorized and recreational vehicles, while its raw materials price was down 0.6% in the same month, mostly attributable to lower prices for metal ores, concentrates and scrap.
ON BAYSTREET
The TSX Venture Exchange leaped 7.64 points Monday, or nearly 1%, to 777.11.
ON WALLSTREET
U.S. stock index futures pointed to a sharply lower open on Tuesday, as geopolitical concerns surrounding North Korea and the West were amplified, following news that a missile had passed over Japan.
Ahead of the opening bell, futures for the Dow Jones Industrials plummeted 91 points, or 0.4%, to 21,702. Futures for the S&P 500 lost 11.5 points, or 0.5%, to 2,432.25. NASDAQ futures subsided 41 points, or 0.7%, to 5,803.75
Firms such as AeroVironment Inc., Caleres Inc. and ScanSource Inc. are out with earnings Tuesday.
In data news, the S&P CoreLogic Case-Shiller Home Price Index is due out this morning, followed by consumer confidence and the Dallas Fed's Texas Service Sector Outlook Survey.
In Europe, stocks fell back into the red by noon on the continent, Japan’s Nikkei 225 lost 0.5% and the CSI 300 in Shanghai moved back 0.2%
Oil prices nicked up three cents to $46.60 U.S. per barrel.
Gold prices hiked $11.90 to $1,327.20 U.S. an ounce.
