Futures for equities in Canada’s largest market rose on Tuesday as fears of escalation in U.S.-Iran tensions receded.
The TSX Composite Index pulled ahead 39.35 points to end Monday at 17,105.47
The Canadian dollar settled 0.15 cents to 76.98 U.S. early Tuesday
March futures took on 0.2% Tuesday.
National Bank of Canada cut the price target on Finning International to $29.00 from $29.50
CIBC raised the price target on Hudson's Bay Co. to $11 from $10.25
National Bank of Canada ups the price target North American Construction to $24.50 from $23.50
Citigroup raises price target on Precision Drilling target to $2.20 from $1.80
National Bank of Canada raises price target on Stantec to $40.00 from $36.00
On the economic front, Statistics Canada reported our Canada's merchandise exports declined 1.4% in November, while imports were down 2.4%.
As a result, Canada's merchandise trade deficit with the world narrowed from $1.6 billion in October to $1.1 billion in November.
ON BAYSTREET
The TSX Venture Exchange lost 5.69 points Monday to 581.75
ON WALLSTREET
U.S. stock index futures indicated a flat open on Tuesday as Wall Street assessed the growing geopolitical risks stemming from U.S.-Iran tensions.
Futures for the Dow Jones Industrials gained 15 points, or 0.1%, Tuesday to 28,657.
Futures for the S&P 500 added 1.75 points, or 0.1%, at 3,245.25.
Futures for the NASDAQ Composite jumped 28.75 points, or 0.3%, to 8,876.25
It’s a sparse turnout for earnings Tuesday, giving AngioDynamics much of the spotlight.
President Donald Trump announced last week that the U.S. had killed Iran’s top military commander in Baghdad, Gen. Qasem Soleimani.
The president also said Sunday that he could slap sanctions on Iraq, after its parliament passed a resolution calling for the government to expel foreign troops from the country.
However, U.S. equities rose on Monday, reversing earlier losses and recovering some of Friday’s steep decline. Market players are now waiting to see if the situation will escalate with a potential retaliation from Iranian forces.
There will be U.S. trade deficit figures out at 8:30 a.m. ET, followed by factory orders and non-manufacturing Purchasing Managers Indexes at 10 a.m.
Overseas, in Japan, the Nikkei 225 gained 1.6% Monday, while in Hong Kong, the Hang Seng Index edged up 0.3%.
Oil prices fell 57 cents to $62.70 U.S. a barrel.
Gold prices slid 70 cents to $1,568.10 U.S. an ounce.
