Stock futures pointed to a higher opening for Canada's main stock index on Tuesday, as oil prices rose with supply cuts led by the Organization of the Petroleum Exporting Countries and expectations of lower U.S. inventories countering concerns about global economic growth.
The S&P/TSX Composite Index listed lower 23.47 points to end Monday at 16,065.86
The Canadian dollar crept up 0.01 cents to 74.67 cents U.S. early Tuesday
June futures vaulted 0.4% Tuesday.
China has suspended clearance of Canadian canola shipments by Viterra Inc and related companies from March 26, the General Administration of Customs said in a statement on its website.
Kinder Morgan Inc has dropped out of a recently proposed U.S. Gulf Coast deepwater crude export venture, the project's leader, Enbridge, said on Monday.
National Bank of Canada raised the target price on Emera to $51.00 from $50.00
RBC raised the target price on TransAlta Corp. to $11.00 from $9.00
Morgan Stanley cut the price target on Lundin Mining to $8.60 from $8.70
ON BAYSTREET
The TSX Venture Exchange lost 5.28 points Monday to 632.54
ON WALLSTREET
U.S. stock index futures were higher Tuesday as a decline in Treasury yields stabilized after a sharp fall recently.
Futures for the Dow Jones Industrial Average jumped 156 points, or 0.6%, at 25,733
Futures for the S&P 500 acquired 16 points, or 0.6%, at 2,823
NASDAQ futures hiked 46 points, or 0.6%, to 7,401.25
Shares of Bed Bath & Beyond skyrocketed more than 20% in the pre-market after The Wall Street Journal reported three activist investors are trying to replace the company's entire board of directors. The stock was on pace to post its biggest one-day since 2009.
Later on Tuesday, a slew of U.S. data is scheduled for release. Durable goods orders and the Philadelphia Fed non-manufacturing index are both due out at 8:30 a.m. ET. Consumer confidence numbers are also set for release at 10 a.m.
The benchmark 10-year U.S. yield traded at 2.45% a day after reaching its lowest level since December 2017. The decline in the 10-year rate caused a so-called yield-curve inversion as the three-month Treasury bill rate moved above the benchmark rate. Investors see a yield-curve inversion as a signal that a recession may be on the horizon, so a rise in long-term rates is being viewed as a positive right now.
Overseas, in Japan, the Nikkei 225 ballooned 2.2% Tuesday, while in Hong Kong, the Hang Seng Index eked up 0.2%
Oil prices gained a dollar to $59.82 U.S. a barrel.
Gold prices retreated nine dollars to $1,313.60 U.S. an ounce.
