Stock futures pointed to a modestly lower opening for stock markets in Toronto as oil prices eased after rising stockpiles of crude and refined fuel intensified fears of another major supply glut.
The S&P/TSX Composite surged 49.98 points to close Monday at 14,532.40
The Canadian dollar erased 0.42 cents to 76.83 cents U.S. early Tuesday
Sun Life Financial and Malaysian sovereign wealth fund Khazanah Nasional are in talks to buy the insurance business of Hong Leong Financial Group Bhd. The deal, valued by the sources at about three billion ringgit ($752.26 million U.S.), would allow Sun Life to expand further into growing Asian markets while Khazanah would get a strong foothold in the insurance business.
National Bank Financial raised the target price on Gildan Activewear to $45.00 from $43.00 is largely due to advancement of base valuation period and FX changes.
National Bank Financial raised the target price on Open Text to $80.00 from $65.00 based on the recent acquisitions to model and rolling out full-year 2018 estimates.
ON BAYSTREET
The TSX Venture Exchange slipped into negative territory 2.62 points Monday to 763.74
ON WALLSTREET
U.S. stock futures were slipping a bit Tuesday.
Ahead of the opening bell, futures for the Dow Jones Industrials took off one point to 18.450, while futures for the S&P 500 dropped 4.5 points, or 0.2%, to 2,155.50. NASDAQ futures fell 11 points, or 0.2%, to 4,597.25
Shares in Netflix are set to drop by more than 10% at the open after the firm reported disappointing subscriber growth. The entertainment firm reported net new subscribers of 1.7 million in its second quarter, but that was below expectations for 2.5 million.
Shares in Fiat Chrysler are declining by about 3% in Europe after the automaker confirmed that it is under investigation for allegedly inflating U.S. sales figures.
Earnings season rolls on Tuesday, with Goldman Sachs, Johnson & Johnson, Lockheed Martin, TD Ameritrade and Philip Morris International reporting ahead of the open.
Microsoft and United Continental will report after the close.
On Monday evening, Yahoo surprised Wall Street by reporting sales growth rather than a decline. However, it also wrote down the value of its Tumblr acquisition by a further $482 million U.S., citing lower projections for the social network's future performance.
The U.S. Census Bureau will release June data on housing starts and building permits this morning.
Most European markets are in negative territory in early trading, and Asian markets ended the day with mixed results.
Softbank shares tumbled Tuesday as investors reacted badly to the company's $32-billion U.S. purchase of ARM Holdings, one of the U.K.'s most successful tech companies.
The deal is the largest investment ever from Asia into the U.K., but skeptical Softbank shareholders sent the stock down by 10% in Tokyo trading. Japanese markets were closed Monday when the deal was announced.
Meanwhile, shares in Nintendo surged by 14% in Tokyo as the mania over its Pokemon Go game continues.
Oil prices inched up 12 cents to $45.36 U.S. a barrel
Gold prices gained $2.90 at $1,332.20 U.S. an ounce.
