Stock futures pointed to a lower opening for markets in Toronto on Monday as oil prices continued to tumble on concerns of oversupply after the Organization for the Petroleum Exporting Countries meeting ended without a reference to its output.
The S&P/TSX composite index regrouped and gained 34.1 points to close Friday and the week at 13,358.77. On Monday, futures nicked lower by 0.1%
The Canadian dollar dropped 0.55 cents to 74.29 cents U.S. early Friday
The new Trudeau government, unveiling its plans at the start of the new Parliament, promised on Friday to pursue a fiscal plan "that is responsible, transparent and suited to challenging economic times."
RBC initiated coverage on Baytex Energy with a sector perform rating.
CIBC raised the rating on TransCanada Corp outperform from sector perform.
ON BAYSTREET
The TSX Venture Exchange gained 5.42 points Friday to 517.14.
ON WALLSTREET
U.S. stock futures were finding it difficult to push higher early Monday, following a stunning surge on Friday.
Ahead of the opening bell, futures for the Dow Jones faded 11 points, or 0.1%, to 17,808, futures for the S&P 500 dipped 0.75 points to 2,087.75, and futures for the NASDAQ inched up 2.25 points, or 0.1%, to 4,715.50.
Shares in Chipotle were getting dumped pre-market after the restaurant chain reported that its E. coli outbreak will damage sales in the fourth quarter.
Shares are down about 8% after the company noted in an SEC filing that sales have closely tracked developments in the E. coli outbreak -- falling when stores closed, but rebounding when they reopen.
Chipotle shares had been on a fantastic rally for years but have recently crashed back down to earth, falling about 25% in just two months.
Mattress Firm and Vail Resorts are reporting ahead of the open while Casey's General Stores and United Natural Foods are reporting after the close.
Over in Europe, shares in Electrolux plummeted 12% after General Electric killed a deal to sell its appliance business to the Swedish company. The $3.3-billion U.S. deal had been challenged for months by the U.S. Department of Justice.
Overseas, European markets are all rising in early trading, with some key indexes notching gains above 1%. Asian markets ended with mixed results.
OPEC ministers reviewed their collective production levels on Friday, but couldn't agree new targets.
Some members of OPEC, and other high cost producers, have been suffering from the slump in prices since mid 2014 caused by oversupply in the market.
The lack of agreement effectively leaves output steady at 30 million barrels a day, though actual daily production is estimated at 31.5 million barrels.
Oil prices slipped 85 cents to $39.12 U.S. a barrel
Gold prices sank $7.03 to $1,079.41 U.S. an ounce.
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