European bourses are flat on Tuesday as the borrowing costs for Spain and Italy rose during a recent auction of debt issues. Adding to the gloom, the euro currency sank to its lowest level in June against the British pound (£0.7999) and is trading at less than US$1.25.
Spain and Cyprus formally became the fourth and fifth Eurozone countries to request a financial bailout on Monday though neither nation has specified exactly yet how much money each will seek.
In Asia, markets are mostly down on Tuesday in the wake of a Spanish bank downgrade that saw Moody's Investors Service lower its long-term ratings on 28 Spanish banks. Meanwhile, China has unveiled a slew of policy initiatives designed to spur a recovery of the world's second largest economy.
Prior to the TSX open, here's what you should know:
*U.S. futures point to a higher open as investors try to shake off Eurozone debt worries in the hope that the Case-Shiller home-price index for April and consumer-confidence data for June, due today, will provide positive signs stateside.
*Oil has inched above US$79 a barrel on Tuesday. Benchmark oil for August delivery was down 4 cents at $79.17 a barrel. Brent crude for August delivery was up 25 cents at $91.26 per barrel.
*Gold prices are managing to stay above US$1,580 an ounce ahead of the European Union summit at week's end. U.S. gold for August delivery fell $3.70 an ounce to $1,584.70.
*The Canadian dollar was down 0.44 of a cent at close on Monday to trade at 97.16¢ US.
*On the U.S. economic data calendar for Tuesday, the S&P Case-Shiller home-price index for April, consumer-confidence data for June, and the Richmond Fed manufacturing index for June will be closely watched.
