Stock futures pointed to a lower opening for markets in Canada’s largest market on Monday, weighed down by lower commodity prices.
The S&P/TSX Composite Index jumped 185.34 points, or 1.2%, to close the day and the week at 15,582.04. June futures receded 0.3% Monday
The Canadian dollar fell 0.14 cents to 73 cents U.S. early Monday.
Hudson's Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group, according to people familiar with the matter.
Home Capital Group Inc, Canada's biggest non-bank mortgage lender, said the balance in its high-interest savings accounts is expected to slump to about $192 million on Monday, down 50% from a week ago.
CIBC cut the target price on AutoCanada Inc. to $19.00 from $20.00
JP Morgan raised the target price on BCE Inc. to $66.00 from $64.00
Barclays raises the target price on Canadian Tire to $180 from $167 with an overweight rating.
In the economic docket, Canada Mortgage and Housing Corporation reported that the seasonally-adjusted annual rate of housing starts trended higher at 213,768 units in April, compared to 210,702 units in March
ON BAYSTREET
The TSX Venture Exchange hiked 7.65 points, or 1%, Friday to 781.72
ON WALLSTREET
U.S. stock index futures pointed to a flat open on Monday, with investors set to digest more earnings and moves in oil, on top of the news that a pro-European Union candidate had won the French election.
Ahead of the opening bell, futures for the Dow Jones Industrials slid 34 points, or 0.2%, to 20,920. Futures for the S&P 500 slumped 3.25 points, or 0.1%, to 2,394.50. NASDAQ futures sank 3.25 points, or 0.1%, to 5,645.
Stepping aside from politics, earnings are expected to be front and center in U.S. trade on Monday, with Marriott International and Plains All American being some of the key companies set to report.
Investors will also be keeping a close eye on two speeches by Federal Reserve members on Monday. Cleveland Fed President Loretta Mester is expected to be at the Chicago Council on Global Affairs' Public Breakfast Program, while St. Louis Fed President James Bullard is expected to be at the Federal Reserve Bank of Atlanta's 22nd Annual Financial Markets Conference.
On Sunday, centrist candidate Emmanuel Macron claimed victory in the French presidential election after securing around 66% of the vote, beating his far-right and anti-European Union opponent Marine Le Pen.
With investors having already priced in a Macron victory, bourses in Europe were under slight pressure in morning trade. Meanwhile, Japan’s Nikkei 225 reported back to work with a 2.3% hike, while the CSI 300 in Shanghai slid 0.7%.
Oil prices fell 16 cents to $46.06 U.S. per barrel.
Gold prices climbed $6.10 to $1,233 U.S. an ounce.
Related Stories
