North American stocks are ready to rise Tuesday as investors around the world breath a sigh of relief that Dubai appears on track to restructure a large amount of its outstanding debt.
Stock market futures were up for the major U.S. and Canadian exchanges, while European and Asian markets climbed as much as 2 per cent.
With the Dubai contagion fears dissipating, investors will refocus on the fundamentals as a raft of economic news appears. Several key reports are to be released at 10 a.m. ET, including the U.S. Institute for Supply Management's release on how well manufacturing and the overall economy are actually expanding. Economists don't expect much improvement in the ISM manufacturing index from October because manufacturing at the moment seems to be limited to restocking companies' inventories rather than feeding growth.
U.S. spending on construction for October is expected to have fallen half a percentage point, giving up gains from September. The pending home sales index is also expected to have declined after improving the previous month.