Canada's main stock index futures were up on Monday over signs that the U.S. and China would agree on a phase-one trade deal by year end.
The TSX Composite Index closed down 44.35 points Friday to 16,954.84, a weekly loss of 73.6 points, or 0.4%
The Canadian dollar shied away 0.04 cents to 75.16 cents U.S. early Monday
December futures gained 0.2% early Monday.
Kirkland Lake Gold said on Monday it would buy smaller rival Detour Gold for about $4.89 billion in an all-stock deal, as it looks to scale up its mining operations and boost reserves.
BHP Group will pay 17.1 million pounds ($21.9 Million U.S.) to become the biggest shareholder in SolGold Plc, the majority owner of the Cascabel copper-gold project in Ecuador.
Canaccord Genuity raises the price target on Bank of Nova Scotia to $77 from $74
Canaccord Genuity also raises the price target on CI Financial to $25 from $23.50
Moreover, Canaccord Genuity raised the target price on Canadian Western Bank to $36.00 from $34.00
On matters economic, Statistics Canada reports wholesale trade rose 1.0% to $65.1 billion in September, almost entirely offsetting the 1.2% decline in August.
Sales were up in five of seven sub-sectors, representing 82% of total wholesale sales.
ON BAYSTREET
The TSX Venture Exchange climbed 0.99 points Friday to 530.02, contributing to a weekly gain of 1.44 points, or 0.27%
ON WALLSTREET
U.S. stock index futures were slightly higher Monday as Wall Street looked for the market’s rally to record highs to resume amid increasing expectations that China and the U.S. will reach a so-called phase one trade deal.
Futures for the Dow Jones Industrials gained 71 points, or 0.3%, Monday to 27,933.
Futures for the S&P 500 gained 7.25 points, or 0.2%, at 3,118.75.
The NASDAQ Composite gained 28 points, or 0.3%, to 8,308.50.
The Dow is 3.4%, and the S&P 500 has improved 2.9%, over the past month. The NASDAQ is up 3.4% over that time as well.
Sentiment also got a lift on Monday after two big deals in Corporate America were confirmed.
Charles Schwab confirmed it will acquire rival TD Ameritrade for $26 billion in an all-stock deal. The deal, upon completion, will create a new company with more than $5 trillion in assets. TD Ameritrade shares rose 3.3% while Schwab’s stock dipped 0.8%. CNBC first reported on the deal last week.
LVMH has reached a deal to buy jeweler Tiffany for $16.2 billion in cash, or $135 per share. The acquisition is expected to close in the middle of 2020.
On the data front, Dallas Fed manufacturing figures for November will be released at around 10:30 a.m. ET.
China will raise penalties for violating intellectual property rights as both countries, according to the guidelines published by the Chinese government on Sunday. The guidelines added China will think about lowering punishment thresholds for IP theft.
Meanwhile, U.S. national security advisor Robert O’Brien said on Saturday that a phase one trade deal with China could happen before the end of the year. He also cautioned, however, that President Donald Trump would not ignore ongoing protests in Hong Kong.
Overseas, in Japan, the Nikkei 225 gained 0.8% Monday, while in Hong Kong, the Hang Seng Index picked up 1.5%.
Oil prices erased five cents to $57.82 U.S. a barrel.
Gold prices lost $7.40 to $1,456.20 U.S. an ounce.
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