Canada's main stock index looked set to open higher, with investors encouraged by the formation of a coalition government in Italy that ended two months of political uncertainty in the troubled region.
The S&P/TSX index dropped 109.31 points to finish last week at 12,220.20, with futures hiking 0.5%.
A proposed merger of Valeant Pharmaceuticals International Inc and Actavis Inc was put on hold after the two drugmakers failed to agree on terms of a deal that would have created a healthcare giant with a combined market value of $35 billion, a person familiar with the situation told Reuters on Saturday.
Imperial Oil Ltd on Saturday said production is underway at its Kearl oil sands project in eastern Alberta, five months after the original target date for its biggest undertaking yet.
Kinross Gold Corp is pushing ahead with plans to expand its Tasiast project in Mauritania with a feasibility study for a 38,000-tonne-per-day mill and said it expected the initial capital cost for the project to be about $2.7 billion.
The Canadian dollar gained 0.26 cents to 98.59 cents U.S. early Monday.
ON BAYSTREET
The TSX Venture Exchange slid 3.30 points Friday to 961.37
ON WALLSTREET
Stocks were poised for a positive start to the week, taking a cue from Europe where investors cheered the formation of a new Italian government.
Futures for the Dow Industrials advanced 59 points, or 0.4%, to 14,708. Futures for the S&P 500 took on 6.1 points, or 0.4%, to 1,582.60, and futures for the NASDAQ gained 12.75 points, or 0.5%, to 2,843.25
Expectations of a further rate cut from the European Central Bank and continued monetary support from the Federal Reserve later this week gave additional support to the market.
Investors begin the week awaiting data on personal income and spending, after the government reported Friday that the U.S. economy grew at an annual pace of 2.5% in the first quarter.
Stocks are on track to end April with gains this week, which would mark the fourth straight month of gains this year.
In corporate news, controversial supplements company Herbalife and gun makerSturm Ruger are set to release their quarterly results after the close.
JPMorgan Chase announced Sunday that another of CEO Jamie Dimon's key executives, co-chief operating officer Frank Bisignano, is leaving the firm and will be replaced by Matt Zames.
On the economic beat, Consumer spending, which alone accounts for roughly two-thirds of GDP, rose at a 3.2% annual pace, the fastest pace since the end of 2010. But the data also shows that consumers funded that spending in part by saving less.
Investors will get another look at the issue when the Bureau of Economic Analysis releases data on personal income and spending for March this morning.
Personal income is expected to have increased 0.4% in March and personal spending is expected to have slipped 0.1%, according to a consensus of economist forecasts compiled by Briefing.com.
At 10 a.m. ET, the National Association of Realtors will release data on pending home sales.
European markets were mostly higher in morning trading after Enrico Letta was sworn in as Italy's prime minister, ending weeks of political deadlock and uncertainty in a country mired by recession.
Greek lawmakers agreed to cut thousands of government jobs to secure another $11.5 billion U.S. in bailout funds.
Markets in Hong Kong added 0.1%. Exchanges in Shanghai and Tokyo were closed for a holiday
Oil prices added 32 cents to $93.32 U.S. a barrel
Gold prices were stronger by $19.10 to $1,472.20 U.S.
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