Stock futures pointed to a higher opening for Canada's main stock index on Tuesday as oil prices rose toward $80 U.S. per barrel on concerns about declining Venezuelan output and a possible fall in Iranian exports.
The S&P/TSX Composite Index gathered 18.76 points to end Friday and the week at 16,162.31
The Canadian dollar gained 0.07 cents to 78.32 cents U.S. early Tuesday
June futures hiked 0.3% Tuesday
Markets in Canada were closed on Monday for Victoria Day.
Australian hospital group Healthscope rejected two takeover approaches, including the one by Brookfield Asset Management , and said it will instead explore selling its properties, in what analysts called a risky move that could invite a more favorable takeover bid.
On the economic front, Statistics Canada reported wholesale trade rose 1.1% to $62.8 billion in March, more than offsetting the decline in February. The motor vehicle and parts sub-sector contributed the most to the gain.
ON BAYSTREET
The TSX Venture Exchange gained 5.04 points Friday to 783.79
ON WALLSTREET
U.S. stock index futures pointed to a higher open Tuesday, continuing the positive sentiment that sent the Dow Jones industrial average above the 25,000 threshold Monday for the first time since March.
Futures for the Dow gained 53 points, or 0.2%, to 25,055
S&P 500 futures gained 4.75 points, or 0.2%, to 2,737.50, while futures for the NASDAQ composite index picked up 23.25 points, or 0.3%, to 6,939
On Monday, the Dow surged nearly 300 points while the S&P 500 gained 0.7% and the NASDAQ composite advanced 0.5%.
Monday's rally followed remarks by Treasury Secretary Steven Mnuchin that the prospect of a trade war between the U.S. and China was "on hold" after an agreement to suspend tariff threats.
Mnuchin added that there had been "very meaningful progress" with China on trade matters. "Now it's up to both of us to make sure that we can implement it”.
The comments helped ease trade tensions with China. Further smoothing those tensions was news that China will cut tariffs on some car parts and vehicles, sending auto stocks higher. Ford, GM and Tesla all rose in the pre-market.
In data, the Richmond Fed surveys are due out at 10 a.m. ET.
In Japan, the Nikkei 225 faded 0.2%, while markets in Hong Kong were shuttered for holiday.
Oil prices gained 23 cents to $72.58 U.S. per barrel.
Gold prices hiked $3.20 to $1,294.10 U.S. an ounce.
