Canada's main stock index opened a mite higher on Monday, as resource and financial stocks helped lead the index's recovery from Friday's slump.
The S&P/TSX composite index poked ahead 11.74 points to begin June at 15,025.83
The Canadian dollar slid 0.25 cents to 80.13 cents U.S.
Royal Dutch Shell Plc reported it was restarting an unspecified unit at its Scotford upgrader facility near Edmonton, according to a message posted on a community information phone line on Saturday.
Barclays cut the rating on Pacific Rubiales to equal-weight from overweight. Rubiales stock faded nine cents, or 1.5%, to $5.94.
BMO raised the rating on Endeavour Mining to outperform from market perform. Endeavour shares a penny to 60 cents.
Cowen and Company raised the price target on Air Canada to $18.00 from $15.00. Shares in the Maple Leaf airline soared 12 cents to $13.88 Monday morning.
RBC manufacturing Purchasing Managers Index data was released this morning, and showed at 49.8 in May, up slightly from 49.0 in April, the highest level for the index since January. But Canada’s largest bank says the figure still signaled a fractional deterioration in overall business conditions. A modest increase in production levels was the main positive influence on the headline index in May.
ON BAYSTREET
The TSX Venture Exchange eked up 0.19 points to 692.64
Eight of the 14 TSX subgroups were higher in the first hour, with gold surging 1.5%, materials and the metals and mining sector each picking up 0.7%.
The half-dozen laggards were weighed by consumer staples, fading 0.5%, while energy and industrials each idled 0.3%.
ON WALLSTREET
U.S. stocks traded in a narrow range on Monday, the first day of trade for June, amid key reports on second quarter economic growth.
The Dow Jones Industrials tripped 15.22 points, to begin June at 17,995.46, with JPMorgan Chase leading gains and Intel the greatest laggard.
The S&P 500 index hiked 2.84 points to 2,110.23, with financials leading four sectors higher and telecommunications the greatest laggard.
The NASDAQ retreated 1.40 points to 5,068.62
Intel agreed to buy Altera for $16.7 billion U.S. as the world's biggest chipmaker seeks to make up for slowing demand from the PC industry, Reuters said.
Microsoft announced Windows 10 will be released on July 29. The company had previously said the updated operating system would be released "this summer."
Apple has filed for a potential yen-based note offering in 2020, with minimum denominations of 100 million yen. The total size of the possible offering was not disclosed in the Securities and Exchange Commission filing.
Other stocks to watch on Monday include Bristol-Myers Squibb, which sank 6% on Friday after it unveiled findings for its immunotherapy Opdivo that disappointed investors.
The Institute for Supply Management said its index of national factory activity was 52.8 in May, up from April's reading of 51.5, which had tied with March's reading as the lowest since May 2013. The reading topped expectations of 52.0, according to a Reuters poll of economists.
Construction spending for April increased 2.2%.
The May manufacturing PMI index came in at 54.0, slightly above the initial read of 53.8 and little changed from April's 54.1 report.
Monday's economic reports kick off a week of data. ISM non-manufacturing is expected Tuesday, while Friday brings the key non-farm
payrolls report.
Prices for 10-year U.S. Treasuries slid, raising yields to 2.14% from Friday’s 2.12%. Treasury prices and yields move in opposite directions.
Oil prices fell four cents a barrel to $60.26 U.S.
Gold prices gained $11.20 at $1,201 U.S. an ounce.
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