Equities in Canada’s biggest centre were set to open higher on Tuesday as oil prices steadied after the dollar eased, but concerns about oversupply lingered ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting this week.
OPEC is expected to stick to its output target when it gives its decision on Friday.
The S&P/TSX composite index leaped 101.59 points to close Monday’s session and the month of November at 13,449.83. Futures rocketed 0.6% Tuesday morning.
The Canadian dollar added 0.24 cents to 75.08 cents U.S. early Tuesday
Bank of Nova Scotia, Canada's third-largest bank, reported a higher quarterly profit that beat market expectations, driven by robust asset growth and a benefit from favorable foreign exchange moves.
Canadian Oil Sands Ltd set a capital expenditure target of $295 million for 2016, down about 35% from the estimated budget for 2015, saying the Syncrude oil sands project would help raise output at lower costs.
RBC cut the price target on Jean Coutu Group to $20.00 from $24.00
Goldman Sachs raises the rating on Cenovus Energy to neutral from sell
Statistics Canada reported that the economy grew in the third quarter, with gross domestic product up 0.6% in the third quarter, following two consecutive quarterly declines. The nation’s number crunchers reported that quarterly growth was driven by more international demand for our goods and services as exports grew 2.3%.
On a monthly basis, GDP fell 0.5% in September, primarily as a result of the declines in mining, quarrying, and oil and gas extraction and, to a much lesser extent, manufacturing.
Sticking with items economic, RBC is out this morning with its manufacturing Purchasing Managers’ Index.
ON BAYSTREET
The TSX Venture Exchange moved 1.46 points higher to end Monday at 523.47.
ON WALLSTREET
U.S. stock futures are making a decisive move higher and most European markets are rising in early trading.
Ahead of the opening bell, futures for the Dow Jones spiked 71 points, or 0.4%, to 17,785, futures for the S&P 500 moved up 8.25 points, or 0.4%, to 2,088, and futures for the NASDAQ improved 16.25 points, or 0.4%, to 4,685.
Shares in U.S. automakers could be on the move Tuesday as they report November vehicle sales throughout the course of the day.
On a fairly slow day for earnings, Ascena Retail -- which owns the Ann Taylor, Dress Barn and Loft brands -- will report after the market closes.
The U.S. Institute for Supply Management will post its November manufacturing data at 10 a.m. ET.
Shares in major British banks are climbing by about 3% in London after "stress tests" conducted by the Bank of England showed that the sector has become more resilient to economic shocks.
Nearly all Asian markets ended the day with significant gains. The main Australian index led the pack, up 1.8%.
Traders in Asia seemed happy to overlook weak economic data out of China. The National Bureau of Statistics reported that China's all-important factory sector is losing steam, with manufacturing activity slumping to a three-year low in November.
Oil prices tacked on four cents to $41.69 U.S. a barrel
Gold prices moved upward $6.85 to $1,071.62 U.S. an ounce.
