TMCnet News
Lower open foreseen in Toronto(Baystreet Stock Market Update (Canada) Via Acquire Media NewsEdge) Mfg. sales due out Stock futures pointed to a lower opening for Canada's main stock index on Tuesday The S&P/TSX composite index gave back 49.02 points to close Monday at 15,482.56. Tuesday futures were pointed downward 0.2%. The Canadian dollar gained 0.08 cents to 90.56 cents U.S. early Tuesday. Allergan Inc. and its suitors, Pershing Square Capital Management and Valeant Pharmaceuticals Inc, settled their pending litigation before the Delaware Court of Chancery and agreed to hold a special shareholder meeting on the originally scheduled date, Dec. 18. Global mobile operator Vimpelcom and Egypt's Global Telecom have agreed to sell their stake in Wind Canada for $135 million to a Canadian investment firm, Globalive Capital, the two companies said. Barrick Gold Corp has appointed well-known Canadian lawyer and long-time Barrick advisor Kevin Thomson to help with its strategy, the latest appointment by Executive Chairman John Thornton in a wide-ranging executive overhaul. Raymond James cut the target price on B2Gold Corp to $3.75 from $4.00. National Bank Financial resumed coverage on Manulife Financial with an outperform On matters economic, Statistics Canada was to release manufacturing sales for July this morning, ON BAYSTREET The TSX Venture Exchange dropped 6.27 points Monday to 981.66. ON WALLSTREET Tuesday's early tone to the market is clearly downbeat. Ahead of the opening bell, futures for the Dow Jones Industrials subtracted 24 points, or 0.1%, 16,919. Futures for the S&P 500 fell 2.75 points, or 0.1%, at 1,973.25, and futures for the NASDAQ dipped 9.5 points, or 0.2%, to 4,016. Yahoo was yet again the standout premarket performer. Shares were rising by about 1% ahead of the open after Alibaba said it wasraising the price range for its initial public offering. Alibaba shares are expected to start trading on the New York Stock Exchange under the ticker "BABA" later this week, and that will mean a massive windfall for Yahoo, which owns a large portion of the Chinese e-commerce company. Policymakers at the U.S. Federal Reserve start a two-day meeting. Fed chair Janet Yellen will deliver her latest assessment of the economy and plans for policy on Wednesday after the meeting is over. This morning, the U.S. Bureau of Labor Statistics was to release August data on producer prices. This data gives a good indication of trends for price inflation for consumers The Russian ruble continued declining versus the U.S. dollar to hit an all-time low as money continues to flow out of the country. One dollar will now buy you nearly 39 rubles. Russia's currency, stock market and economy have been suffering as Western nations impose harsher sanctions against Moscow over its support for separatist rebels in eastern Ukraine. Asian markets were almost uniformly down. Oil prices lost 41 cents to $92.51 U.S. a barrel Gold prices hiked $2.80 to $1,237.90 U.S. an ounce. © 1998 - 2014 Baystreet.ca Media Corp. All rights reserved. |