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The United States will hold most of the economic spotlight on Tuesday morning with the release of March's producer price index along with the Empire Fed's manufacturing and the NAHB's housing price indexes, both for April. Markets will also hear some comments from the U.S. Treasury while the Bank of Canada is scheduled to conducts some bond operations.

Residential building permits and housing starts continued to fall in July with the latter measure of the nation's economic health dropping more than at any time since January 1997.

NAHB Chief Economist David Seiders cited the subprime mortgage situation as being a part of the problem but said, "... the government-related parts of the mortgage market still are functioning well and..."