Stock futures for Canada's main stock index were little changed on Monday as oil prices steadied, with Saudi Arabia and Russia yet to agree on an output-cutting deal.
The S&P/TSX Composite Index poked up 3.16 points to end Friday and the week at 16,230.96
The Canadian dollar bounced 0.49 cents higher to 75.34 cents U.S. early Monday
June futures slumped 0.01% Monday.
Finnish engineering firm Metso has agreed to buy Canadian mobile crushing and screening equipment manufacturer McCloskey International for 420 million Canadian dollars to expand its product range and client base.
National Bank of Canada cut the rating on Stelco Holdings to sector perform from outperform
On the economic slate, Canada Mortgage and Housing Corporation's seasonally-adjusted annual rates of housing starts fell to 202,300 units in May 2019 from a downwardly revised 233,400 in April, missing market expectations of 205,000.
Elsewhere, Statistics Canada reported that Canadian municipalities issued a record $9.3 billion worth of building permits in April. The increase in the value of permits was almost entirely due to a planned change in development costs in Metro Vancouver.
ON BAYSTREET
The TSX Venture Exchange regained 1.34 points Friday to 596.54
ON WALLSTREET
U.S. stock index futures pointed to a rally on Monday after the U.S. reached an agreement with Mexico on tariffs, easing some of the trade concerns which have weighed on the market since early May.
Futures for the Dow Jones Industrial Average catapulted 122 points, or 0.5%, to 26,129.
Futures for the S&P 500 advanced 12 points, or 0.4 %, at 2,887.
NASDAQ futures gained 38 points, or 0.5%, to 7,457.50
President Donald Trump announced Sunday that proposed tariffs on Mexican imports would be suspended indefinitely. Trump said in a Twitter post Sunday that he has "full confidence" that Mexico will crack down on migration from Central America, after the two neighbors reached a consensus.
Shares of GM and Ford, two companies that had a lot to lose in a trade battle with Mexico because of their production their, jumped in pre-market trading.
Meanwhile, investors are closely monitoring trade links between China and the United States ahead of a key meeting between the leaders of the two countries. Speaking to reporters on Sunday, U.S. Treasury Secretary Steven Mnuchin said Trump will decide about further Chinese tariffs after he meets his Chinese counterpart later this month.
Chipmakers jumped in trading on hopes trade tensions would ease further. Nvidia and Advanced Micro Devices gained.
Adding to the bullish sentiment on Monday was a blockbuster deal in the aerospace industry. Raytheon and United Technologies agreed to an all-stock merger that would create a combined company with $74 billion in annual sales. Both shares surged in pre-market trading.
Overseas, the Nikkei 225 hurtled 1.2% higher Monday, while in Hong Kong, the Hang Seng index jumped 2.3%
Oil prices gained 32 cents to $54.31 U.S. a barrel.
Gold prices fell back $15.60 to $1,330.50 U.S. an ounce.
