Markets in Canada’s biggest centre gained some ground on Monday, even as positive Chinese economic data did little to offset uncertainties surrounding a possible U.S. strike in Syria and the timeline of the U.S. Federal Reserve's monetary stimulus program.
The S&P/TSX composite index opened the week up 26.37 points to 12,847.65
The Canadian dollar moved higher 0.34 cents to 96.36 cents U.S.
Stocks to watch this morning include Bombardier Inc., whose new CSeries aircraft completed high-speed taxi trials on Friday as anticipation mounted that the narrow-body plane could make its inaugural flight within the next week or so. Shares in Bombardier eked up 1.5 cents to $4.96.
Romanian legislators are set to reject Gabriel Resources's plan for Europe's biggest open-cast gold mine in the Carpathians due to widespread opposition, Prime Minister Victor Ponta said. Gabriel shares dropped 99 cents, or 67.4%, to 48 cents.
Oncolytics Biotech Inc said its cancer drug Reolysin reduced the size of tumors in 92% of lung cancer patients in a mid-stage trial. The company's shares rose as much as 22% to $3.22 before the bell. Oncolytics shares gathered 24 cents to $3.00
Muted inflation data added to a run of August figures suggesting the protracted slowdown in China's economy may be bottoming out, helped by targeted support measures and signs of improved export demand.
On the domestic economic calendar, Statistics Canada reported this morning that building permits improved 20.7% in July to $8 billion. The market call was for a hike of 3.5%.
The total value of building permits continued to trend upward on the strength of six gains in seven months.
ON BAYSTREET
The TSX Venture Exchange dipped 0.98 points to 953.94
All but four of the 14 Toronto subgroups were higher in the first hour, led by global base metals, up 1%, metals and mining, up 0.9%, and materials, up 0.5%
The four laggards were weighed by gold, down 0.7%, while utilities and health-care each retreated 0.3%.
ON WALLSTREET
Stocks moved higher Monday even though investors remain worried about Syria.
The Dow Jones Industrials ascended 88.46 points to 15,011.50. The S&P 500 index gained 9.04 points to 1,664.21. The NASDAQ gained 21.51 points to 3,681.52
All three indices are up between 14% and 21% for the year. U.S. stocks managed to eke out gains last week -- despite a weaker-than-expected jobs report Friday.
Smithfield Foods and China's Shuanghui International announced after the closing bell Friday that U.S. regulators had cleared Shuanghui's proposed acquisition of the American meat processor.
Facebook continues to move higher and shares are getting closer to their all-time high of $45 U.S.
Shares of Blackberry rose on reports that its largest investor could be considering a buyout of the struggling smartphone company.
Dell shares rose slightly after activist hedge fund manager Carl Icahn said he was giving up his fight for control of the computer maker. That could make it easier for founder Michael Dell and investment firm Silver Lake to take the company private.
Prices for the 10-year U.S. Treasury gained, lowering yields to 2.89% from Friday’s 2.94%. Treasury prices and yields move in opposite directions.
Oil prices dipped 66 cents to $109.87 U.S. a barrel.
Gold prices gained two dollars at $1,388.50 U.S. an ounce.
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