North American stock market futures were up in advance of the opening bell on Tuesday, suggesting that stocks will rise, as investors pin hopes on improving consumer confidence in the U.S. and greater stimulus in China.
Key economic data releases today include the U.S. Conference Board’s consumer sentiment index, which is expected to rise, and the Case-Shiller housing price index, which is expected to have reduced its decline. However, the data most likely to move markets won’t come until Thursday and Friday, when investors will see the latest U.S. jobless figures and purchasing managers’ index (PMI).
In Europe, major bourses were up slightly on relatively low trading volumes, with the exception of Spain, where the benchmark index continued its decline, falling nearly 3 per cent. Spain has recapitalized one of its largest banks and Greece has injected 18-billion euros into its four largest banks.
Markets: China’s Hang Seng index up 1.4 per cent
Japan’s Nikkei 225 index up 0.7 per cent
London’s FTSE 100 index up 0.2 per cent
France’s CAC 40 up 0.5 per cent
Germany’s DAX index up 0.7 per cent
Spain’s IBEX 35 index down 2.6 per cent
Commodities: Oil up 0.46 cents (U.S.) to $91.32 a barrel (July delivery)
Gold up 0.3 per cent at $1,575.60 an ounce (June delivery)
Copper up 0.7 per cent to $3.47 a pound
Canadian dollar up 0.1 per cent to 97.78 cents
Economic data: (Eastern times)
9 a.m. The S&P/Case-Shiller home price index is expected to show a decline of 2.6 per cent over the last 12 months, which would be slower than the 3.5 per cent 12-month decline measured in February.
Update: The measure of U.S. property values matched expectations, falling 2.6 per cent in the 12 months ending in March. The decrease was the smallest in more than a year, leading to some speculation that the U.S. housing sector may be on the verge of a recovery.
10 a.m. The U.S. Conference Board’s consumer confidence index is expected to edge up half a point to 69.7, following a small dip in April.
Stocks to watch: Bank of Nova Scotia reported that revenue rose 1 per cent and profit fell 10 per cent in the second quarter. Excluding unusual items, the bank’s net income climbed 16 per cent, Scotiabank said.
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