Stock futures indicated a higher start to the week for Canada's main stock index as the risk of direct conflict between Russia and Ukraine eased and Middle East tensions appeared less acute.
The S&P/TSX composite index shot up 77.88 points to wind up Friday and week at 15,196.31. Futures Monday were up 0.3%.
The Canadian dollar gained 0.13 cents to 91.29 cents U.S. early Monday
Standard & Poor's said on Friday it had revised its outlook on Canadian banks to negative, due to concerns the government is becoming less willing to bail out banks in the event of a financial crisis.
Canaccord raised the target price on Alliance Grain to $26 from $23.50 with a buy rating
CIBC cut the price target on Power Financial to $39.50 from $40, with an outperform rating.
However, CIBC raised the price target on SNC-Lavalin to $60 from $58, with a sector perform rating.
On the economic slate, Canada Mortgage and Housing Corporation was scheduled to report housing starts for July this morning.
ON BAYSTREET
The TSX Venture Exchange gained back 1.77 points to close Friday at 997.42
ON WALLSTREET
U.S. stock futures were jumping Monday, and Kinder Morgan shares were up by 10% in pre-market after the energy infrastructure company announced it was hiking its dividend and would spend more than $40 billion U.S. to buy out smaller shareholders.
Ahead of the opening bell, futures for the Dow Jones Industrials jumped 64 points, or 0.4%, to 16,543. Futures for the S&P 500 took on 8.75 points, or 0.5%, to 1,932.50, and futures for the NASDAQ hiked 20.50 points, or 0.5%, to 3,894.
Priceline and food service distributor Sysco will report earnings before the open.
American Apparel will report after the close.
Turkey is in the spotlight Monday after Turkish Prime Minister Tayyip Erdogan reportedly won the race to become the country's first directly-elected president. Market reaction has been muted, with the main Turkish index pointing slightly lower.
European markets were all higher in early trading. The main markets had declined Friday.
Asian markets also closed the day with gains, in the case of Japan, substantial gains, of 2.4%.
Oil prices gained 19 cents to $97.84 U.S. a barrel
Gold prices dipped 30 cents to $1,310.70 U.S. an ounce.
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