Futures for Canada's main stock index edged up on Monday, following a rise in oil prices after Saudi Arabia's new energy minister confirmed his country's commitment to crude supply cuts, led by the Organization of the Petroleum Exporting Countries
The S&P/TSX Composite fell 39.48 points to conclude Friday at 16,535.33. On the week, though, the index gained more than 93 points, or 0.57%
The Canadian dollar inched ahead 0.06 cents to 75.99 cents U.S. early Monday
September futures picked up 0.05% Monday.
RBC raised the target price on SilverCrest Metals to $9.50 from $7.50
Scotiabank cut the target price on Teck Resources to $36.00 from $39.00
ON BAYSTREET
The TSX Venture Exchange regained 2.25 points Friday to 588.51, but lost 0.85 points on the week, or 0.14%.
ON WALLSTREET
U.S. stocks were set to open slightly higher Monday amid increasing optimism around U.S.-China trade relations.
Futures for the Dow Jones Industrials gained 69.31 points, or 0.3%, early Monday to 26,797.46
Futures for the S&P 500 picked up 2.71 points, or 0.1%, at 2,978.71
NASDAQ Composite futures dipped 13.75 points, or 0.2%, to 8,103.07
The S&P 500 was also about 1.6% from its record high set in late July. The Dow and NASDAQ entered the session more than 2% from their all-time highs.
Bank shares rose in the pre-market. Wells Fargo gathered 0.4% and J.P. Morgan Chase climbed 0.6%. Citigroup advanced 0.6% while Bank of America gained 0.7%.
Ctrip.com International and Lakeland Industries are among the companies reporting earnings Monday.
On the data front, there will be new consumer credit figures out at 3 p.m. ET.
China offered last week to increase purchases of U.S. agricultural products if the U.S. eased restrictions on telecom giant Huawei, Politico reported on Friday. China’s offer could also be contingent on the U.S. delaying higher tariffs on about $250 billion worth of Chinese imports
New data out of China showed that exports unexpectedly fell in August with a large contraction for shipments to the United States. The drop indicates further weakness in the world’s second largest economy and puts further pressure on Chinese lawmakers to announce new economic stimulus.
Overseas, in Japan, the Nikkei 225 surged 0.6% Monday, while in the Hong Kong, the Hang Seng index faltered more than nine points
Oil prices gained 25 cents to $56.77 U.S. a barrel.
Gold prices increased $4.90 to $1,520.40 U.S. an ounce.
