Canadian stocks may edge up at open Tuesday on bargain hunting after falling to a fresh one-month low in the previous session as traders were anxious ahead of the key European Union summit scheduled later this week. However, big gains may be capped amid lingering concerns over the euro zone economy.
Meanwhile, Italy's borrowing costs climbed to the highest level since December at a short-term debt auction, indicating doubts among investors about the outcome of the upcoming European summit.
U.S. stock futures were pointing to a flat open.
On Monday, the S&P/TSX Composite Index shed 105.15 points or 0.92 percent to 11,330.39.
The price of crude oil was lingering below the $80-mark for a fourth session Tuesday morning amid concerns over the global economic growth. Crude for August edged down $0.18 to $79.03 a barrel.
The price of gold was ticking lower Tuesday morning as traders were anxious ahead of the key European Union scheduled summit later this week. Gold for August was down $9.40 to $1,579.00 an ounce.
In corporate news from Canada, real estate company Brookfield Office Properties (BPO.TO) announced that it has acquired a rentable property in Washington, DC for $106 million.
Base-metals miner Teck Resources (TCK_B.TO) said that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid to purchase up to 20 million Class B subordinate voting shares during the period starting June 28, 2012 and ending on June 27, 2013, representing about 3.47 percent of the outstanding Class B subordinate voting shares, or 4.30 percent of the public float, as of June 15, 2012.
Global gold miner Barrick Gold Corp. (ABX.TO) said it has named Ammar Al-Joundi as its Executive Vice President and Chief Financial Officer, effective July 10, 2012.
Pharmaceutical company Aeterna Zentaris Inc. (AEZ.TO) said that final Phase 3 results for its oral ghrelin agonist, AEZS-130, show that the drug is safe and effective in diagnosing adult growth hormone deficiency.
Coated and laminated paper maker Intertape Polymer (ITP.TO) announced plans to close its Richmond, Kentucky facility that manufactures tape products and transfer the shrink film production business and related charge of $14-$16 million is expected to be recorded in the second quarter of 2012.
In economic news from the euro zone, confidence among German consumers is likely to rise in July, a survey by market research group GfK showed today. The consumer confidence index for July rose to 5.8 from 5.7 in June. Economists expected the score to fall to 5.6 in July.
by RTT Staff Writer
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