Stock futures pointed to a lower opening for markets in Canada on Monday as oil prices fell, weighed down by gloomy economic prospects in Europe and Asia and a related strengthening in the U.S. dollar.
The S&P/TSX Composite stumbled 202.48 points, or 1.4%, to close Friday and the week at 14,037.54, its steepest drop since February. While the benchmark touched the highest level in 10 months last week, it fell 2.3% in just the last three days of the week.
June futures inched lower 0.2% Monday.
The Canadian dollar 0.02 cents to 78.29 cents early Monday
A federal cabinet minister says Canada is willing to "find a solution" with Bombardier Inc as the parties consider the company's dual-class share structure during talks on a $1-billion government fund-infusion.
RBC cut the price target on Hudson's Bay Co. to $23.00 from $27.00
Canaccord Genuity started coverage on Prairiesky Royalty with a buy rating, and a $31.00 price target
ON BAYSTREET
The TSX Venture Exchange lost 4.58 points Friday to 715.59
ON WALLSTREET
U.S. stock futures are declining.
Ahead of the opening bell, futures for the Dow Jones Industrials fell 59 points, or 0.3%, to 17,717, while futures for the S&P 500 slipped 6.25 points, or 0.3%, to 2,081. NASDAQ futures settled 20.25 points, or 0.5% to 4,437.75.
Sentiment may also be depressed by the mass shooting in Orlando, Florida that killed 49 people. It was the deadliest mass shooting in U.S. history.
Investors are selling shares in London-traded G4S after the private security company said the man behind the Orlando shooting had worked at the firm since September 2007 as a security officer.
G4S said Omar Mateen was subjected to detailed screening and background checks in 2007 and 2013 "with no adverse findings."
Meanwhile, shares in the gun maker Smith & Wesson were surging pre-market. Shares in gun companies tend to rise following mass shootings as Americans are known to stock up on guns out of fear that tougher firearm regulations could follow.
Apple is set to unveil its latest advancements at its annual World Wide Developers Conference on Monday.
Apple's keynote address, at 10 a.m. PT (1 p.m. ET) in San Francisco, will kick off the event.
European markets fell in morning trading, with most key indexes down by 1% or more.
Investors are treading warily ahead of a series of important central bank meetings this week. The U.S. Federal Reserve makes its latest interest rate decision on Wednesday and a policy announcement is also due from the Bank of Japan.
In Asia, every major index posting sizable declines. Japan's Nikkei index led the retreat, shedding 3.5%, while the Shanghai Composite followed with a 3.2% drop. Hong Kong's Hang Seng index dropped 2.5%.
Oil prices slipped 62 cents to $48.45 U.S. a barrel
Gold prices hiked $12.40 to $1,288.30 U.S. an ounce.
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