10/1/2013 8:52 AM ET

Canadian stocks are poised for a steady open Tuesday amid weak commodities with investors keenly watching the implications of the partial shutdown of the U.S. Government that occurred after a gap of 17 years.

The point of dispute in the U.S. was President Barack Obama’s Affordable Care Act which Democrats say will provide health insurance at reasonable rates, while Republicans believe it is unconstitutional and will hurt business .

Elsewhere, most Asian markets settled higher overnight and European shares were hovering in the green even as today’s macroeconomic data revealed that Germany’s unemployment rate rose and euro zone’s manufacturing sector expanded at a slower pace in September.

U.S. stock futures were pointing to a marginally higher open.

On Monday, the S&P/TSX Composite Index lost 56.89 points or 0.44 percent to 12,787.19.

The price of crude oil was extending losses Tuesday morning with the US dollar trading weak versus a basket of currencies as traders turn focus on the implications of the partial shutdown of the U.S. government. Crude for November edged down $0.37 to $101.96 a barrel.

The price of gold was moving lower Tuesday morning with the US dollar trading weak versus a basket a currencies as investors keenly watch the implications of the partial shutdown of the U.S. government Gold for December lost $26.30 to $1,300.70 an ounce.

In corporate news from Canada, rubber-based products company AirBoss of America Corp. (BOS.TO) said it would acquire Flexible Products Co. for about $51 million.

Life sciences company DiagnoCure Inc. (CUR.TO) announced the resignation of Chantal Miklosi as Chief Financial Officer, effective October 11.

In-Vitro diagnostic substance manufacturing company TearLab Corp. (TLB.TO) announced the appointment of Seph Jensen as its President and Chief Operating Officer. Jensen joins the company from his current position as Head of Surgical Marketing at Alcon Laboratories Inc.

In economic news from the euro zone, Germany’s unemployment rate rose to seasonally adjusted 6.9 percent in September from 6.8 percent in August, the Federal Labor Agency showed. The rate was expected to remain unchanged at 6.8 percent. At the same time, the number of unemployed people increased sharply by 25,000, while it was forecast to drop by 5,000. In August, unemployment rose by 9,000.

Euro zone’s manufacturing sector expanded at a slower pace in September, final results of a survey by Markit Economics confirmed. The headline purchasing managers’ index edged down to 51.1 in September from August’s 26-month high of 51.4. The outcome matched the flash estimate released last month.

Meanwhile, the euro zone jobless rate remained unchanged at seasonally adjusted 12 percent in August, Eurostat reported. Economists had forecast the unemployment rate to stay at July’s originally estimated 12.1 percent.

by RTT Staff Writer

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