Futures for Canada's resources-heavy main stock index climbed on Monday, tracking the strength in commodity prices after a sharp selloff last week that was sparked by hawkish commentary from major central banks.
The TSX Composite tumbled 157.35 points to end Friday at 19,443.28, and to post a loss for the week of more than 503 points, or 2.53%.
Futures on the S&P/TSX index were ahead 0.3% Monday morning.
The Canadian dollar gained 0.23 cents to 73.28 cents U.S.
Among single stocks to look out for, Raymond James initiated coverage of banker Versabank with an "outperform" rating.
Bank of Montreal had brokerages buzzing, with several Credit Suisse ("outperform"), National Bank of Canada ("sector perform"), TD Securities ("buy") and CIBC ("neutral") among those starting coverage of the stock.
Deutsche Bank cut exchange operator TMX Group to "hold" from "buy".
On the economic calendar, Statistics Canada said its raw materials price index for November fell 0.8% on a monthly basis and increased 8.0% year over year, while the agency’s industrial product price index declined 0.4% month over month and increased 9.7% on a year-over-year basis.
ON BAYSTREET
The TSX Venture Exchange strengthened 5.47 points, or 1%, Friday to 576.26, for a loss on the week of 1.4 points, or 0.24%.
ON WALLSTREET
Stock futures rose Monday after the major averages posted their second straight week of losses for the first time since September. Investors also struggled to shake off recession fears.
Futures for the Dow Jones Industrials advanced 76 points, or 0.2%, early Monday to 33,204.
Futures for the S&P 500 tacked on 12.25 points, or 0.3%, to 3,891.50.
Futures for the NASDAQ Composite grew 48.75 points, or 0.4%, to 11,393.50.
On Friday, the Dow fell 281.76 points, or 0.85%. The 30-stock index shed 1.7% for the week, bringing its monthly losses to 4.8%. The S&P 500 dropped 1.1% and tumbled 2.1% for the week, upping its monthly declines to 5.6%. The NASDAQ Composite slumped 01% on Friday and 2.7% for the week. It’s down 6.7% this month.
Goldman Sachs named SolarEdge Technologies and First Solar as top picks for the new year, noting that both stocks have big upside over the next 12 months.
The National Association of Home Builders survey, which gauges monthly sentiment, is due out Monday.
In Japan, the Nikkei 225 fell 1.1% Monday, while in Hong Kong, the Hang Seng Index moved backward 0.5%.
Oil prices recovered 39 cents to $74.68 U.S. a barrel.
Gold prices brightened $4.80 to $1,805.00 U.S. an ounce.
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