Futures tied to Canada's main stock index edged higher on Monday, after posting a seventh straight weekly gain last week, with markets cheering the Bank of Canada's rate cut to support the domestic economy.
The TSX Composite Index barreled ahead 314.83 points, or 1.1%, to close Friday at 29,768.36. On the week, the index rocketed 474 points, or 1.62%.
The Canadian dollar eased 0.15 cents to 72.40 cents U.S.
Futures perked 0.3% Monday.
In company news, Pension fund La Caisse will buy Australian renewables developer Edify Energy for A$1.1 billion ($724.57 million U.S.).
On the economic beat, Statistics Canada reported In August, the Industrial Product Price Index increased 0.5% month over month and gained 4.0% year over year in August, while its raw materials price index
declined 0.6% month over month and rose 3.2% year over year.
ON BAYSTREET
The TSX Venture Exchange muscled up 25.29 points, or 2.9%, Friday to 904.80, for a gain on the week of 25 points, or 2.9%.
ON WALLSTREET
U.S. stock futures fell Monday following a strong week for the major averages, in which the Dow Jones Industrial Average and S&P 500 closed at fresh all-time highs.
Futures for the Dow Jones Industrials settled 165 points, or 0.4%, to 46,486.
Futures for the S&P index dipped 21.75 points, or 0.3%, at 6,700.75
Futures for the NASDAQ sank 87.75 points, or 0.4%, to 24,778.50.
Metsera shares soared 57% in the premarket after the weight-loss drugmaker announced it would be bought by Pfizer for $4.9 billion in cash.
The stock market posted a solid advance last week. The S&P 500 rose 1.2% and Dow picked up 1%. The tech-heavy NASDAQ jumped 2.2%.
Those moves come after the Federal Reserve last week cut interest rates by a quarter percentage point, its first reduction since December.
It was a widely anticipated decision that, after some initial volatility, investors took to mean the central bank has taken a dovish tilt amid rising signs of a slowing labor market.
Markets are now pricing in two more quarter-point cuts between now and the end of the year. Investors will review upcoming macroeconomic data with even more care to ensure that the expected path of monetary easing remains intact.
In Japan, the Nikkei 225 jumped 1%, while in Hong Kong, the Hang Seng moved downward 0.8%
Oil prices retreated 40 cents to $62.28 U.S. a barrel.
Gold prices advanced $41.80 at $3,747.60 U.S. per ounce.
