UPDATES WITH CREA STATS
Futures for Canada's main stock index dipped on Monday, after world markets reacted negatively to rising tensions between Western powers and Saudi Arabia over the disappearance of journalist Jamal Khashoggi, which added to lingering trade concerns.
The S&P/TSX Composite Index gained 97.16 points to close Friday and a short week at 15,414.29
The Canadian dollar edged higher 0.02 cents to 76.77 cents U.S. early Monday
December futures backtracked 0.2% Monday
Saudi Arabia on Sunday warned against threats to punish it over last week's disappearance of Khashoggi, as European leaders piled on pressure and two more U.S. executives scrapped plans to attend a Saudi investor conference.
Enbridge said on Sunday it has started work on a temporary access road to the site of a natural gas pipeline fire last week in northern British Columbia, which disrupted refinery operations in the U.S. state of Washington.
Macquarie cuts target price on Rogers Communications to $74.00 from $76.00
Credit Suisse cut the target price on Stelco Holdings to $30.00 from $35.00
CIBC cut the target price West Fraser Timber to $82.00 from $97.00
On the economic slate, the Canadian Real Estate Association says actual (not seasonally-adjusted) MLS activity dipped 8.9% in September from the same month a year earlier.
ON BAYSTREET
The TSX Venture Exchange recovered 7.14 points, or 1%, Friday to 698.60
ON WALLSTREET
U.S. stock index futures pared steep losses on Monday mornings as Wall Street tried to recover from a 4% drop in the major indexes last week.
Futures for the Dow Jones Industrials slid eight points to 25,308
S&P 500 futures dropped 1.5 points, or 0.1%, to 2,767, while futures for the NASDAQ composite hesitated 11 points, or 0.2%, to 7,161.25
In Monday's pre-market trading, Amazon shares rose 0.7% while Goldman Sachs rose marginally. Netflix's stock, however, slipped 0.2% after Raymond James cut its price target on the video-streaming giant.
Earnings season kicks into high gear this week with Morgan Stanley, Johnson & Johnson, Procter & Gamble and Honeywell reporting. Investors are hoping some strong results will stave off the selling, but company outlooks could reinforce current concerns about rising rates and a slowing global economy due to tariffs.
Bank of America reported better-than-expected earnings and revenue on Monday, sending its stock up by 1.2%. Charles Schwab was also expected to report earnings later in the morning.
Retail sales figures for September are scheduled to be published at around 8:30 a.m. ET on Monday. Later in the session, Empire State Manufacturing Index data for October and business inventories data for August are both set to be released at around 10 a.m.
Overseas, in Japan, the Nikkei 225 faded 1.9% Thursday, while in Hong Kong, the Hang Seng dropped 1.4%
Oil prices gained 59 cents to $71.93 U.S. a barrel.
Gold prices hiked $11.60 to $1,233.60 U.S. an ounce.
