Stock futures pointed to a higher opening for Canada's main stock index on Monday as oil prices rose after Venezuela said members of the Organization of the Petroleum Exporting Countries and non-OPEC producers are close to reaching an output deal.
The S&P/TSX Composite lost 52.74 points to close Friday and the week at 14,450.93. For the week, the index trailed last Friday’s close by 0.6%, on track for its fourth negative week in the last five.
December futures gained 0.3% Monday morning.
The Canadian dollar gained 0.3 cents at 75.98 cents U.S. early Monday.
TMX Group, the owner of Canada's dominant stock exchange, said on Sunday it had not been removed from a major Canadian index run by S&P Global Inc. despite what a spokesman said was an erroneous press release issued by S&P unit Capital IQ Inc that it had been removed.
Valeant Pharmaceuticals International said its discount and rebates program for two high-priced heart drugs would cover over 90% U.S. hospitals once it had finalized the last of the 14 group purchasing organizations.
RBC cut the target price on Concordia International Corp to $14.00 from $25.00
Goldman Sachs raised the price target on Encana to $13.00 from $10.00
Desjardins raised the rating on Stella-Jones to buy from hold
ON BAYSTREET
The TSX Venture Exchange settled back into the red 3.38 points Friday to 799.24
ON WALLSTREET
U.S. stock-index futures ticked higher on Monday, as European stocks rallied on the back of a gain in oil prices.
Ahead of the opening bell, futures for the Dow Jones Industrials galloped 90 points, or 0.5%, to 18,143, while futures for the S&P 500 gained 10.5 points, or 0.5%, at 2,143. NASDAQ futures acquired 16.5 points, or 0.3%, at 4,830.75.
New Yorkers remain on high alert after a bomb in Manhattan injured 29 people and more suspicious devices were discovered in New Jersey.
But Wall Street traders seem unfazed by the weekend developments and the ensuing transport disruption.
The first day of the week will be a quiet one for both U.S. economic data and earnings. The NAHB housing market index is due, along with results from Ascena Retail Group
Shares in Samsung rallied by 2% Monday after the smartphone maker launched a replacement program in its home market of South Korea for its Galaxy Note 7 devices.
The company is working to recall and replace 2.5 million Note 7s around the world that are at risk of catching fire due to battery problems.
Later in the week, all eyes with be on the U.S. Federal Reserve's policy announcement on Wednesday at the end of its two-day September meeting. Market consensus is for the Fed to hold its base rate at 0.25%-0.5%
Like the Fed, the Bank of Japan will start its two-day policy meeting on Tuesday, with an announcement the day after.
Asian markets ended the day with gains. However, the Australian stock exchange closed lower following a trading day that was riddled with problems.
Oil prices picked up 57 cents to $43.60 U.S. a barrel
Gold prices hiked $6.30 to $1,316.50 U.S. an ounce.
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