Futures in Canada’s biggest stock markets inched higher on Monday as oil prices rose after major producers said at a meeting that the global market was well on its way towards re-balancing.
The S&P/TSX Composite Index inched back 0.69 points to close the day and the week at 15,454.23, but gained 1.9% on the week.
December futures were up 0.04% Monday morning.
The Canadian dollar crept up 0.09 cents to 81.10 cents U.S. Monday morning.
U.S. trade negotiators will only partially unveil new text on modifying a key chapter on investment under NAFTA, two well-placed sources said on Sunday, underlying the cautious pace of talks that are supposed to wrap up by the end of the year.
Chilean media outlets reported Saturday that Potash Corporation Of Saskatchewan Inc has hired Goldman Sachs and BofA Merrill Lynch to explore selling its 32% stake in Chile's Sociedad Quimica Y Minera.
RBC raised the target price on Norbord Inc. to $58.00 from $50.00
Eight Capital raised the price target on Polaris Materials to $3.40 from $2.79
ON BAYSTREET
The TSX Venture Exchange picked up 2.23 points Friday to 778.10
ON WALLSTREET
U.S. stock index futures pointed to a lower open on Monday as investors digested elections in Germany and eyed new regulations on health care in the U.S.
Futures for the Dow Jones Industrials dipped five points to 22,294
S&P 500 futures gave up one point to 2,498.50, while futures on the NASDAQ Composite index surrendered 10.75 points, or 0.2%, to 5,925.25
Angela Merkel's conservative bloc will be the largest party in the next German parliament, but provisional election results point to a worse-than-expected majority for the German chancellor.
Merkel's center-right Christian Democratic Union and its Bavarian sister-party the Christian Social Union won 33% of the vote. It would make them the largest parliamentary group, but that is down from 41.5% in the last election in 2013 and lower than recent polling. It is also their worst result since 1949.
Back in the U.S., President Donald Trump tweeted Sunday evening that Alaska, Arizona, Maine and Kentucky would be big winners under the Graham-Cassidy bill to repeal and replace Obamacare. It would appear that the president was referring to funding revisions in the September 24 draft of the bill
Elsewhere, Trump is expected to sign a presidential order on Monday expanding apprenticeships in the U.S. On Sunday, the White House also slapped new travel restrictions on citizens from North Korea, Venezuela and Chad, expanding to eight the list of countries covered by his original travel bans that have been derided by critics and challenged in court.
On the data front, Dallas Fed manufacturing data is due at 10:30 a.m. ET and Red Hat is due to report fresh earnings after the market close.
Overseas, European stocks were marginally higher on Monday morning as investors digested the results, while Japan’s Nikkei 225 progressed 0.5%, and CSI 300 in Shanghai dropped back 0.5%.
Oil prices improved 65 cents to $51.31 U.S. per barrel.
Gold prices slipped $1.70 to $1,295.80 U.S. an ounce.
