Futures in Canada’s largest market edged up as oil prices rose, after Saudi Arabia said it would adhere to the commitment by the Organization of the Petroleum Exporting Countries to cut output.
The S&P/TSX Composite dropped 17.99 points before Monday’s final bell to 15,446.07
The Canadian dollar jumped 0.69 cents to 76.59 cents early Tuesday
A section of an intra-provincial oilfield pipeline belonging to Paramount Resources, under construction in Canada's oil heartland of Alberta, needs replacement after being damaged by an act of "mischief," authorities said on Monday. The Royal Canadian Mounted Police said it appeared the culprit or culprits tried to used construction equipment on site to dig up the pipeline, and they estimated the damages at $500,000 to $700,000.
Portag3 Ventures, a financial technology fund backed by Power Financial, has invested an undisclosed amount in finance startup Street Contxt.
Canaccord Genuity cut the price target on Centerra Gold to $7.50 from $8.50 to reflect the lowered LOM Au/Cu recovery assumptions at Mt. Milligan.
Canaccord Genuity cut the price target on Goldcorp to $23.50 from $25.00 based on the Investor Day presentation and the new five-year plan.
CIBC raised the price target on North West Company to $30.50 from $29 after the company announced a definitive purchase agreement to acquire 76% of Roadtown Wholesale Trading and its retail operation Riteway in the British Virgin Islands
ON BAYSTREET
The TSX Venture Exchange recovered 1.03 points Monday to 795.54
ON WALLSTREET
U.S. stock index futures pointed to a lower open on Tuesday, as European stocks fell.
Ahead of the opening bell, futures for the Dow Jones Industrials slid 52 points, or 0.3%, at 19,780. Futures for the S&P 500 sank 8.75 points, or 0.4%, to 2,263.75. NASDAQ futures gave up 19.75 points, or 0.4%, at 5,041.5
Markets stateside were shuttered Monday for Martin Luther King Day.
British Prime Minister Theresa May outlined plans for the United Kingdom's exit from the European Union, saying the U.K. government will put the European Union to a parliamentary vote. Traders also eyed earnings and geared up for U.S. President-elect Donald Trump's inauguration on Friday.
On the earnings front Tuesday, Morgan Stanley and UnitedHealth posted better-than-expected quarterly results before the bell. CSX and United Continental are among companies due to report after the bell.
In Europe, the World Economic Forum in Davos is underway. Xi Jinping, the first Chinese president to attend the gathering, said in a speech that "no one would emerge as a winner in a global trade war." Xi also said China has no intention of trying to boost trade by devaluing the yuan or entering into a currency war.
In China, the CSI 300 eked up 0.2%, while the Nikkei 225 in Japan tumbled 1.5%.
As the week rolls on, all eyes will be on Trump's inauguration, with markets anticipating what he will say when he speaks to the nation as president for the first time.
On the data front, Empire State Manufacturing was set to come out at 8:30 a.m. ET.
Oil prices added 83 cents to $53.20 U.S. a barrel
Gold prices moved up $17.60 to $1,213.80 U.S. an ounce.
