Toronto's main stock index was set for a lower open on Monday as news from Europe takes centre stage and markets remain wary following reports of the death of North Korean leader Kim Jong-il.
Among Canadian stocks to watch this morning, government sources in Israel said fertilizer maker Potash Corp. is seeking permission from Israeli authorities to raise its stake in rival Israel Chemicals to 25%.
U.S. Senate Republicans claimed victory on Saturday for a bill that may force President Barack Obama to make a speedier decision on TransCanada Corporation's Canada-to-Texas oil pipeline, but a White House official indicated quick approval of the project is not likely.
The Canadian dollar rose to 96.47 U.S. cents.
U.S. stock futures appeared stronger, with Dow futures rising 54 points, or 0.5%, to 11,832, while S&P 500 futures were up 6.4 points, or 0.5%, at 1,217.30, and Nasdaq futures progressed 14 points, or 0.6%, to 2,246.75, about half an hour before the New York Stock Exchange opened.
European stocks rose as finance ministers discussed ways to overcome the region's financial crisis.
Britain's FTSE 100 edged 0.3% higher, while France's CAC 40 gained 1% and Germany's DAX rose 1.1%.
In Europe, finance ministers were set to pursue plans to enhance the International Monetary Fund’s arsenal and press ahead with a drive for tighter fiscal rules. The European Union ministers will discuss via a teleconference the draft text of a new euro-zone "fiscal compact" so that it can be finalized by the end of January, officials said.
Gold dipped $3.70 to $1,594 U.S. an ounce.
Crude oil rose 0.5% to $93.98 U.S. a barrel.
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