Stock futures pointed to a lower opening for equity markets in Toronto on Monday as oil prices fell after a report showed that U.S. drillers last week continued their streak of rig additions.
The S&P/TSX Composite surrendered 263.38 points, or 1.8%, to close Friday and a short week at 14,539.88. September futures slid 0.3% Monday.
The Canadian dollar faded 0.39 cents at 76.24 cents U.S. early Monday.
Agrium Inc and Potash Corp of Saskatchewan Inc said they would combine, a deal that would create a fertilizer and farm retailing giant with proforma enterprise value of $36 billion but also trigger U.S. regulatory scrutiny.
CIBC raised the target price on BRP Inc. to $31.00 from $28.00
Barclays raised the target price on Canadian National Railway to $89.00 from $85.00
ON BAYSTREET
The TSX Venture Exchange surrendered 13.43 points, or 1.6%, Friday to 812.17
ON WALLSTREET
U.S. stock futures are sinking, following a Friday tumble.
Ahead of the opening bell, futures for the Dow Jones Industrials dropped 46 points, or 0.3%, to 17,921, while futures for the S&P 500 gave back 4.5 points, or 0.2%, at 2,111.50. NASDAQ futures eased 16.75, or 0.4%, at 4,651.
European markets are declining in early trading. Many key European indexes are down by about 2%.
Shares in German industrial firm Linde are declining by about 8% in Europe after it abandoned merger plans with U.S. rival Praxair.
Manchester United will report quarterly results ahead of the open. The club was beaten Saturday by local rivals Manchester City.
Asian markets are also closing out the day with significant losses -- the Hang Seng in Hong Kong posted the worst performance in the region, with a loss of 3.3%
Shares in the world's biggest smartphone maker – Samsung -- plunged 7% Monday after the company told owners of its new Galaxy Note 7 phone to stop using the devices over concerns they can burst into flames while charging.
Samsung's alert urging customers to bring their Note 7 phones in for a replacement as soon as possible followed warnings from aviation authorities and airlines that the devices shouldn't be used aboard planes.
Oil prices sank $1.01 to $44.87 U.S. a barrel
Gold prices dipped $6.90 to $1,327.60 U.S. an ounce.
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