The Toronto stock market appeared set for a positive start to trading Monday as another dose of sub-par economic data from Asia reinforced hopes for central bank intervention to keep a flagging global economic recovery going.
The S&P/TSX Composite index moved into the green 32.76 points to end Friday at 11,890.89
The Canadian dollar slipped 0.06 cents Monday morning to 100.79 cents U.S.
On the corporate front, engineering company SNC-Lavalin has appointed Robert Card, a former senior executive at CH2M Hill Companies Ltd., as SNC's new chief executive. The appointment followed the resignation of Pierre Duhaime, who stepped down amid controversy over millions in mysterious payments outside Canada.
SNC-Lavalin has been feeling the fallout from investigations into $56 million worth of payments that were directed through its Tunisian office to unknown sales agents during the Ghadafi regime.
ON BAYSTREET
The TSX Venture Exchange faded 2.05 points Friday to 1,191. The Nasdaq Canada index added 3.03 points to 353.67.
ON WALLSTREET
U.S. stocks were expected to open little changed Monday as renewed concern about global growth send investors back toward sidelines.
Futures for the Dow Jones Industrials subsided 12 points, or 0.1%, to 13,160, about 15 minutes before the opening bell.
Futures for the S&P 500 ditched 1.60 points, or 0.1%, to 1,400.80, and for the Nasdaq, futures gained one point, or 0.04%, to 2,722.
Trading volume could be light with little major corporate or economic news expected, and many investors in summer vacation mode.
Investors will once again keep an eye on Europe, as concern that Spain may need an international bailout continue to mount. The country's borrowing costs are uncomfortably high, with the 10-year bond yield is hovering just below 7%.
Weak economic numbers out of Japan also reignited worries about a global slowdown. Japan's gross domestic product grew 0.3% in the second quarter, according to Japan's Cabinet Office. The slower-than-expected pace in growth for the world's third-largest economy further fueled concerns over a slowdown in Asia and across the globe.
On the domestic front, the reporting of second-quarter corporate results is beginning to draw to a close, though daily deals site Groupon issues its results after the close Monday. Results due later in the week include those ofHome Depot, Walmart and Cisco.
European stocks mixed in afternoon trading. Britain's FTSE 100 edged lower by 0.2%, while the DAX in Germany ticked up 0.1% and France's CAC 40 added 0.4%.
Asian markets ended lower after Japan reported weak growth. The Shanghai Composite dropped 1.5%, the Hang Seng in Hong Kong fell 0.3%and Japan's Nikkei shed 0.1%.
Oil for September delivery 69 cents to $93.56 U.S. a barrel.
Gold futures for December delivery added $1.42 to $1,624.20 U.S. an ounce.
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