European and Asian markets are on the rise on Monday thanks to a Eurozone finance ministers' agreement that will see Spain receive up to €100 billion (US$125 billion) to shore up its banking sector. Spain is the fourth European nation to seek a financial rescue after Greece, Portugal and Ireland.
Market sentiment has certainly improved thanks to the Spanish bank aid announcement but all eyes will be on Greece next Sunday when that country goes to the polls to determine whether or not to stick with the euro currency.
Asian bourses also rose on the Spanish bank aid and investors were further encouraged by less worrisome economic data out of China over the weekend. China's exports rose 15.3 per cent in May and the Chinese consumer price index rose three per cent from a year earlier, down from 3.4 per cent in April.
Prior to the TSX open, here's what you should know:
*U.S. futures point to a higher open with futures for the Dow Jones Industrial Average jumping 112 points, or one per cent, to 12618. S&P 500 futures moved up 12.7 points, or one per cent, to 1334.60, while Nasdaq 100 futures rose 24.75 points, or one per cent, to 2581.75.
*On the New York Mercantile Exchange, light, sweet crude oil futures for delivery in July traded at $85.89 a barrel, up $1.79 in the Globex electronic session. July Brent crude on London's ICE Futures exchange rose $1.92 to $101.39 a barrel.
* Spot gold gained 0.3 per cent to $1,598.79 an ounce. The most-active U.S. gold futures contract for August delivery rose as much as 1.1 per cent to $1,609.3, before paring some gains to $1,600.30.
*The data calendar for Canada and the U.S. is empty on Monday.