Toronto's main stock index looked set to open lower, led by a fall in commodity prices, with investors turning their attention back to the struggling U.S. economy after recent central bank moves to spur growth.
The S&P/TSX Composite index galloped ahead 139.31 points, or 1.1%, to end Friday at 12,499.97
The Canadian dollar backtracked Monday morning by 0.05 cents to 102.91 cents U.S.
Lowe's Cos Inc said that it had withdrawn its $1.8-billion offer to acquire RONA Inc. company after stiff opposition to the unsolicited bid. It said the $14.50-a-share proposal was not the best deal for its stockholders.
Bank of Montreal will cut an additional 200 jobs in its U.S. division as part of the integration of Wisconsin lender Marshall & Illsley, which it bought in 2011 for $4.1 billion, and it warned more cuts are on the way.
A day before a strike deadline at the Detroit Three automakers, the Canadian Auto Workers chose Ford Motor Co as the lead company for contract talks, saying the union believes it has the best chance of reaching a deal with Ford and averting a damaging work stoppage.
Speaking of things economic, Figures released by Statistics Canada showed non-resident investors acquired $6.7 billion of Canadian securities in July, after ridding themselves of $7.8 billion of our investments in June. Canadian investment in foreign securities strengthened to $4.6 billion and was equally split between debt and equity securities.
ON BAYSTREET
The TSX Venture Exchange grew 15.22 points to 1,318.11
ON WALLSTREET
U.S. stocks were headed for a flat open Monday as investors took a breather from last week's Fed-inspired rally.
Futures for the Dow Jones Industrials shaved off 2.40 points, or 0.2%, to 13,495, about 30 minutes before the opening bell. Futures for the S&P 500 lost 23 points, or 0.2%, to 1,456.60, and for the Nasdaq, futures dipped 0.75 points to 2,840.50
With little on the economic docket, it's shaping up to be a quiet day.
Stocks ended last week week at multi-year highs, after the Federal Reserve said it would engage in a third round of quantitative easing, or QE3, by buying $40 billion U.S. of mortgage backed securities a month.
The economy will remain front and centre this week, kicking off with the New York Federal Reserve Bank's Empire State manufacturing survey. But housing will dominate, with reports on mortgages, housing starts, building permits and existing home sales due throughout the week.
In Europe, investor optimism over the latest moves to solve the debt crisis overseas has started to fizzle. European stocks slid in morning trading as Britain's FTSE 100 lost 0.4%, the DAX in Germany shed 0.3% and France's CAC 40 fell 0.5%.The euro eased a bit against the U.S. dollar but remained near a five-month high.
In Asia, Chinese stocks tumbled overnight, following reports that the Obama administration plans to target Chinese trade by filing a complaint to the World Trade Organization.
The U.S. government alleges that China violated WTO rules by subsidizing automotive exports to the tune of $1 billion U.S. The Shanghai Composite dropped 2.1% while the Hang Seng in Hong Kong ticked up 0.1%. Japanese markets were closed for a holiday, Respect for the Aged Day.
Oil for October delivery fell 36 cents to $98.64 U.S. a barrel.
Gold futures for December delivery slid $2.60 to $1,770.10 U.S. an ounce.
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