Canadian dollar down, US index futures fall before North American markets open

“The big news is clearly in the oil markets and the fact there was an agreement reached”, said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas in New York.

“Expectations are very low for the second quarter and the headwind from the strong dollar will continue”.

Oil prices had tumbled due to expectations of increased supply after Iran’s nuclear deal, but trimmed some losses as the expected rise in supply was already priced in over recent weeks.

The Dow Jones Industrial Average climbed 75.90 points (0.42 per cent) to 18,053.58 on Tuesday.

The euro zone’s blue-chip Euro STOXX 50 index advanced 0.5 percent while German internet company United Internet rose 2.9 percent after a price target upgrade from Deutsche Bank.

June retail sales data is expected at 8:30 a.m. ET. The reading, the weakest since February, comes on the heels of June’s disappointing employment report and sharp drop in small business confidence.

JPMorgan and Wells Fargo helped lift financials by 0.4 per cent after posting quarterly results.

In Paris, the CAC 40 climbed 0.69 per cent to 5,032.47 in light conditions with many traders absent for the Bastille Day public holiday.

Dow component Johnson & Johnson fell 0.7 per cent to US$99.60 after its revenue declined 9 percent.

Micron Technology surged 11.4 per cent following reports that Tsinghua Unigroup, an investment arm of one of China’s leading science and technology universities, plans to offer $US23 billion for the company.

The Nikkei share average, which advanced for a third straight day, rose 1.5 percent to 20,385.33, its highest close in a week and a half.

NYSE advancing issues outnumbered declining ones 1934 to 1089; on the Nasdaq, 1769 issues rose and 1032 fell.