North American stock market futures were up 90 minutes before the opening bell and most European bourses posted gains, suggesting that stocks in Toronto and New York may rise on Tuesday.
Investors remain on edge ahead of the next major event in the European debt and banking crisis, when Greek voters return to the polls on Sunday to try to elect a new government. The election is widely viewed as a vote on whether the country should remain in the euro zone or not.
Some money managers are pinning today’s market optimism on renewed hopes that the U.S. Federal Reserve will offer further stimulus for the economy. The next meeting of the Federal Open Market Committee is on June 20, and some Fed officials have already publicly said they are willing to support additional stimulus measures.
China’s Hang Seng index down 0.4 per cent
Japan’s Nikkei 225 index down 1 per cent
London’s FTSE 100 up 0.3 per cent
France’s CAC 40 up 0.4 per cent
Germany’s DAX index up 0.4 per cent
Spain’s IBEX 35 index up 0.5 per cent
Oil down 31 cents (U.S.) to $82.39 a barrel
Gold down 0.42 per cent to $1,590.10 an ounce
Copper futures down 0.2 per cent to $3.337 a pound
Canadian dollar up 0.33 cents to 97.30 cents
8:30 a.m. U.S. import prices are expected to have declined 1.1 per cent in May. Export prices are forecasted to have risen by 0.1 per cent. The data reflect inflationary patterns in global trade markets.
2:00 p.m. The U.S. Treasury issues its monthly budget report. Economists expect a deficit of $125-billion, after a surprise surplus of $59.1-billion in the prior month.
Stocks to watch:
Apple Inc. has announced that it is dumping Google Inc.’s mapping technology, ramping up the competitive tone between the two companies. Apple said it will bring 3D maps to its products using technology from the Dutch firm TomTom NV.
In what may be the largest private order in aviation history, NetJets, a unit of Warren Buffett’s Berkshire Hathaway Inc., announced late Monday that it has signed an order with Bombardier Inc. and rival Cessna Aircraft Co. for up to 425 new business jets valued at up to $9.6-billion.
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