North American markets may take a breather Tuesday following yesterday’s triple-digit gains.

Oil prices rose Tuesday, while European indexes gained in early action.

Light sweet crude for September delivery on the New York Mercantile Exchange rose 42¢ to US$75.47 by midday in Europe.

In economic news, U.S. existing home sales for June and the Conference Board’s July consumer-confidence figures are due at 10:00 ET. Both reports are expected to show declines from the previous month.

In earnings news, EnCana Corp. said its second-quarter profit jumped about 150% to US$2.16 billion, from a year-earlier US$839 million, helped by high fuel prices and one-time gains.

Teck Cominco Ltd. said its second-quarter profit nearly tripled to a record $613 million from $225 million in the same quarter a year ago on higher metals prices.

Canadian Pacific Railway said its second-quarter profit tripled to $378 million, thanks to a big tax-related gain.

Loblaw Cos. Ltd. reported an 8.1% drop in second-quarter profits to $194 million from a year-earlier $211 million, but sales grew by 4.6% as grocery chain implemented price cuts to drive business.

BP reported a 30% rise in second-quarter profit, buoyed by high oil and natural-gas prices and higher refining margins, but moderated somewhat by higher costs and higher taxes.

Altria Group reported its net income rose 1.6% in the second quarter, driven by strength in its food and tobacco businesses. The company also boosted its full-year outlook.

McDonald’s second-quarter net income rose 57%, helped by across-the-board growth in the U.S. and the fast-food giant’s best European results in more than a decade.

In M&A news, Falconbridge Ltd. stood firmly behind its friendly deal with Inco Ltd. on Monday, urging shareholders not to tender to a tempting bid by rival Xstrata plc.

In Asia, Tokyo’s Nikkei 225 index rising 210.74 points, or 1.42%, to finish at 15,005.24 points.

In Hong Kong, the Hang Seng Index rose 103.27 points, or 0.6%, to 16,583.86.

The Canadian dollar opened at US87.83¢, up 0.2 of a cent.

Toronto stocks soared on Monday getting a boost from rising crude prices and major merger deals, including a US$5.4 billion bid for computer chip maker ATI Technologies.

The S&P/TSX composite index closed up 206.83 points, or 1.81%, at 11,625.16.

Gold producers ended 2.91% higher. Shares of Barrick Gold gained 53¢, or 1.7%, to $32.64 after it unveiled plans to buy NovaGold Resources Inc. for US$1.29 billion. NovaGold stock soared $4.40, or 33%, to $17.69.

Technology shares jumped 5.4% as Advanced Micro Devices Inc. said it would buy graphics chip maker ATI Technologies for IS$5.4 billion in cash and stock.

ATI closed up $3.67, or 19.55%, at $22.44.

The junior S&P/TSX Venture composite index edged up 4.63 points to 2,500.61.

On Wall Street, U.S. stocks rallied also Monday, driving the Dow up to a triple-digit gain, boosted by a big hospital takeover and, stronger-than-expected earnings from major drug companies and gains in energy shares.

The Dow Jones industrial average rose 182.67 points, or 1.68%, to end at 11,051.05. The S&P 500 climbed 20.62 points, or 1.66%, to finish at 1,260.91. The Nasdaq composite index advanced 41.45 points, or 2.05%, to close at 2,061.84.