Markets in Toronto appeared headed for a higher open on Monday, tracking global markets and rising commodity prices, after a rescue package for Spain's banking sector eased recent tensions over the country's debt crisis.
The S&P/TSX Composite Index slid 91.49 points Friday to end the day and the week at 11,500.63. Monday, Canada stock futures traded up 0.7%.
The Canadian dollar was down 0.28 of a cent to 97.53 cents U.S.
On investors’ radar screens: CIBC raised Cott Corp to a sector outperformer from sector performer citing softening in resin prices and higher sales prospects from energy drinks
National Bank Financial resumes coverage on Enbridge Inc. with an outperform rating and says company's proceeds from its recent public offering will provide enough capital for its five-year growth program
Berenberg Bank cuts price target on beleaguered tech whiz Research In Motion to $7 from $11 on increasing competition in the U.S. market and service revenue concerns
ON BAYSTREET
The TSX Venture Exchange gave back 3.15 points to 1,292.93. The Nasdaq Canada index gathered 2.50 points to 371.91
ON WALLSTREET
U.S. stocks are likely to get a lift from news over the weekend of a $125-billion U.S. bailout for Spanish banks and stronger-than-expected Chinese trade.
Futures for the Dow Industrials gained 56 points, or 0.5%, to 12,559, half an hour before the opening bell, while futures for the S&P 500 regained 4.9 points, or 0.4%, to 1,326.90. Futures for the tech-rich Nasdaq tacked on 12 points, or 0.5%, to 2,569.
The U.S. futures followed widespread gains across world markets which also were off of earlier highs.
Spain asked for €100 billion ($125 billion U.S.) from the other members of the euro-zone for help to recapitalize its banking system, and the group signaled it is willing to respond favorably to the request.
In addition, China reported that record exports, at $181.1 billion U.S., and imports, at $162.4 billion U.S., which gave it a bigger-than-expected trade surplus and helped to ease concern about a so-called hard landing caused by a rapid slowdown in its economy.
A separate report showed inflation in China slowed in May, which kept the door open for more stimuli from the government there to deal with any possible slowdown.
European stocks rallied in morning trading on the news out of Spain, although all were down from earlier highs. Britain's FTSE 100 climbed 0.4%, the DAX in Germany gained 1.4% and France's CAC 40 was up 1%
Asian markets ended higher after the Chinese economic reports. The Shanghai Composite closed 1.1% higher the Hang Seng in Hong Kong shot up 2.4% and Japan's Nikkei was up nearly 2%.
Oil for July delivery rose 71 cents to $84.81 U.S. a barrel.
Gold futures for June delivery rose $1.80 to $1,593.20 U.S. an ounce.
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