The Toronto stock market was set to trade higher at the open Tuesday following the better-than-expected revenue figures from resource giant Alcoa Inc.
In Canadian earnings news, quarterly profits at Corus Entertainment Inc. came in at $91.2 million, or 61 cents per share, beating average analyst estimates of 59 cents per share, according to a survey by Thomson Reuters.
The results marked an increase from $90.7 million, or 58 cents per share, a year earlier.
Revenues rose 7% to $236.9 million from $222.2 million thanks to double-digit growth in ad sales from its female-centric TV channels.
Elsewhere, TransCanada Corp. has stepped up its publicity campaign for the politically charged Keystone XL pipeline. It has released a detailed breakdown of where the $7-billion project would create 20,000 jobs in the United States, if approved.
The Canadian dollar traded at 98.19 U.S. cents, up nearly half a cent from Monday’s close.
Dow futures pointed towards a market-opening gain of 108 points, or 0.9% to 12,445. S&P 500 futures were up 11.9 points, or 0.9%, at 1,287.50 points. Nasdaq futures increased 19.5 points, or 0.8%, to 2,366.25
Alcoa kicked off the U.S. earnings season after the market closed on Monday with a net loss, excluding restructuring costs that met analysts’ estimates of three cents a share. Sales rose 6%.
Overseas, miners led global stocks higher, after investors examined Chinese economic data and Alcoa Inc.'s earnings and decided both were positive for commodities and growth.
Britain's FTSE 100 gained 1.1%, France's CAC 40 surged 2.4%, and Germany's DAX rose 2.4%
The Bank of France said growth had stalled in the fourth quarter of 2011, while separate data showed French industrial production rose 1.1% in November, defying expectations of zero growth.
A number of European countries, including Italy, could see their credit ratings downgraded by the end of this month, Fitch Ratings said. The agency has Italy, Spain, Belgium, Ireland, Slovenia and Cyprus on "ratings watch negative," and the reductions could be as deep as two notches, Fitch said.
British retailers finished 2011 with the best sales growth in months amid hefty discounting.
Chinese data showed exports and imports grew at their slowest pace in more than two years in December. The figures fuelled expectations that Beijing will act to support spending in the world’s second-largest economy, most likely by easing monetary policy.
Japan's Nikkei ended 0.4% higher, while Hong Kong's Hang Seng rose 0.7%.
Copper rose almost 2%, trading at $7,615 U.S. a tonne. China’s imports of copper rose 12.6% to a record high in December from the previous month.
The euro gained slightly to trade around $1.2792 U.S., holding above the 16-month lows of $1.2666 U.S. hit on Monday.
U.S. crude oil rose to nearly $103 U.S. a barrel Tuesday amid concerns about tensions over Iran, a strike which could affect Nigerian oil production, and growing optimism that the U.S. economy is improving.
Gold rose 1%, back above $1,625 U.S. an ounce. It is already up 4% from the start of the year.
