Futures for Canada's main stock index were higher on Monday, as oil prices rose, supported by hints that the Organization of the Petroleum Exporting Countries and its allies may agree to deepen output cuts at a meeting this week.
The TSX Composite Index fell 74.32 points Friday from Thursday’s all-time high, to 17,040.20. Still, the index gained 85 points, or 0.5%, on the week
The Canadian dollar let go of 0.08 cents to 75.19 cents U.S. early Monday
December futures improved 0.3% Monday.
Zijin Mining Group, one of China's biggest gold miners, has signed an agreement to buy Canadian miner Continental Gold, saying the purchase would increase its gold reserves and boost cash flow and profit.
Centerra Gold said on Sunday that two employees working at its Kumtor gold mine in Kyrgyzstan are missing following a "significant rock movement" at a waste rock dump.
Meantime, Scotiabank cut the rating on Centerra to sector perform
Canaccord Genuity initiates coverage on Dundee Precious Metals with a buy rating
National Bank of Canada initiates coverage on Lassonde Industries with sector perform rating
On the economic calendar, Markit Canada puts out its Manufacturing Purchasing Managers Index for November later on this morning (9:30 a.m. EST)
ON BAYSTREET
The TSX Venture Exchange slipped 0.63 points to end Friday, the week and the month at 531.68. But the index gained on the week by 1.66 points, or 0.31%.
ON WALLSTREET
U.S. stock index futures rose on Monday, the first trading day of December, as market participants monitored U.S.-China trade talks.
Futures for the Dow Jones Industrials gained 23 points, or 0.1%, Monday to 28,096
Futures for the S&P 500 picked up 2.5 points, or 0.1%, Monday at 3,146.75.
The NASDAQ Composite eked up 0.25 points to 8,417.75.
With those gains, Wall Street was set to build on a strong performance from November. The major averages had their biggest monthly gains since June, rallying to record highs. The S&P 500 climbed 3.4% last month while the Dow advanced 3.7%. The NASDAQ rallied 4.5%.
Monday’s rise came despite Chinese state media reporting Sunday that Beijing wants a cancellation of tariffs for a phase one trade deal.
There is no clear indication of when both countries will be able to sign an agreement and last week saw fresh tension between Washington and Beijing after President Donald Trump signed legislation supporting protesters in Hong Kong.
Trump also said Monday he will restore tariffs on metal imports from Brazil and Argentina. In a tweet, he said: "Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries."
On the data front, there will be new Institute for Supply Management manufacturing and construction spending figures, due out at 10 a.m. ET.
Overseas, in Japan, the Nikkei 225 gained 1% Monday, while in Hong Kong, the Hang Seng Index added 0.4%.
Oil prices improved $1.06 at $56.23 U.S. a barrel.
Gold prices slid seven dollars to $1,465.70 U.S. an ounce.
