(MENAFN - Baystreet.ca)
Stock futures pointed to a higher opening for Canada's main stock index on Tuesday as oil prices rose on expectations the Organization of the Petroleum Exporting Countries and its allies will keep withholding supply.
The S&P/TSX Composite Index sank 14.7 points to conclude Monday at 16,216.26
The Canadian dollar moved 0.05 cents higher to 75.44 cents U.S. early Tuesday
June futures gained 0.3% Tuesday.
Zambia says it has no plans to seize the assets of First Quantum Minerals and the copper producer intends to stay in the country despite the government's move to wrest control of a rival miner.
Quebec's economy minister said on Monday his government has ruled out investing in Bombardier's weak-selling regional jet program, which could be sold to Japan's Mitsubishi Heavy Industries Ltd.
CIBC cut the target price on Hudson's Bay Company to $9.45 from $10.00
Barclays cut the rating on National Bank of Canada to underweight from equal weight
The TSX Venture Exchange slumped 2.11 points Monday to 594.43
U.S. stock index futures rose on Tuesday, boosted by gains in tech, as a resolution between Mexico and the U.S. to avoid tariffs and hopes of lower interest rates from the Federal Reserve lifted investor sentiment.
Futures for the Dow Jones Industrial Average climbed 109 points, or 0.4%, to 26,195.
Futures for the S&P 500 improved 12.5 points, or 0.4 %, at 2,901.75.
NASDAQ futures took on 46 points, or 0.6%, to 7,561.50
The Dow was poised to notch its seventh straight gain. That would mark the 30-stock index's longest winning streak since May 2018, when it rose for eight straight days. Meanwhile, the S&P 500 is just 2.3% below an all-time high set earlier this year.
Shares of big tech companies like Facebook and Apple rose more than 1% each before the bell. Amazon, Netflix and Alphabet also traded higher in the pre-market.
Wall Street also got a lift from increasing expectations of lower rates from the Fed.
Market expectations for lower rates by July sat around 78%. Investors are also pricing in a 97% chance of lower rates by December.
Meanwhile, investors will be looking ahead to the release of the latest producer price index numbers this morning.
Overseas, the Nikkei 225 moved 0.3% higher Tuesday, while in Hong Kong, the Hang Seng index strengthened 0.8%
Oil prices picked up 47 cents to $53.73 U.S. a barrel.
Gold prices dipped five dollars to $1,324.30 U.S. an ounce.