Stock futures pointed to a lower opening for Canada's main stock index on Monday, as crude oil prices fell and in line with lower global equities markets.
The S&P/TSX Composite Index dropped 141.87 points, or nearly 1%, to finish Friday and the week at 14,795.13
The Canadian dollar was unchanged at 75.03 U.S. early Monday
December futures were down 0.3% Monday.
Canaccord Genuity raised the price target on Cronos Group to $17.00 from $9.00, citing significant injection of cash from Altria's $2.4-billion investment.
On the economic calendar, Canada Mortgage and Housing Corporation announced the trend in housing starts was 210,038 units in November, compared to 206,460 units in October.
Statistics Canada said Canadian municipalities issued $8.1 billion worth of building permits in October, edging down 0.2% from September, a downswing attributable to lower construction intentions for industrial and institutional buildings.
ON BAYSTREET
The TSX Venture Exchange gained 6.3 points, or 1.1%, Friday to 572.38.
ON WALLSTREET
U.S. stock futures pointed to slight gains on Monday as traders tried to regain some of the steep losses suffered last week.
Futures for the Dow Jones Industrial Average gained 57 points, or 0.2% to 24,489
Futures for the S&P 500 gathered 6.5 points, or 0.3%, to 2,642.50,
NASDAQ futures added 30.5 points, or 0.5%, to 6,654.
Aspen Group Inc. and Quanex Building Products Corporation are among the companies reporting earnings today.
Futures initially fell overnight as investors feared an intensifying trade war between the United States and China.
On Sunday, China summoned the U.S. ambassador to Beijingto protest Huawei CFO Meng Wanzhou’s detention. Reuters reported, citing the state-run Xinhua News Agency, that Chinese Vice Foreign Minister Le Yucheng called Meng’s arrest "extremely egregious."
News of Meng’s arrest broke last week and is reportedly related to possible violations of U.S. sanctions. The arrest is seen as a potential deterrent to the U.S. and China reaching a permanent deal on trade.
Huawei is one of the largest tech companies in China and is seen as symbol of pride by the Chinese government. Meng is scheduled to appear at a bail hearing in Canada later on Monday
Overseas, in Japan, the Nikkei 225 collapsed 2.1% Monday, while in Hong Kong, the Hang Seng index lost 1.2%
Oil prices dropped 73 cents to $51.88 U.S. a barrel.
Gold prices lost $2.90 to $1,249.70 U.S. an ounce.
