Stock futures pointed to a higher opening for Canada's main stock index on Monday, with investors counting down to a likely U.S. interest rate cut this week.
The S&P/TSX Composite gained 42.84 points to close Friday’s session at 16,488.20
The Canadian dollar eked up 0.02 cents higher to 75.82 cents U.S. early Monday
September futures improved 0.1% Monday.
Australia's competition regulator on Monday opened consultation on a proposed undertaking by Canada's Nutrien to sell three of its regional stores to address concerns over its takeover bid of rural services firm Ruralco.
WestJet Airlines Ltd, which is being acquired by Onex Corp, reported a surprise quarterly profit and better-than-expected revenue on Friday while many airlines have warned of financial hits from the grounding of the Boeing Co 737 MAX jets.
Canaccord Genuity raised price target on Aecon Group to $27.00 from $26.00
National Bank of Canada cut the price target on Thomson Reuters to $90.00 from $95.00
ON BAYSTREET
The TSX Venture Exchange inched up 1.16 points Friday to 592.89
ON WALLSTREET
U.S. stock index futures ticked lower Monday morning as Wall Street tempered its expectations for this week’s trade negotiations between the Washington and Beijing and prepared for the latest monetary policy decision from the Federal Reserve.
Futures for the Dow Jones Industrials picked up 19 points, or 0.1%, to 27,168.
Futures for the S&P 500 took on one point at 3,025.50
NASDAQ futures added six points, or 0.1%, to 8,025.75
In corporate news, Pfizer plans to divest its off-patent drug business and marry it with generic-drug maker Mylan. The combined company, which will market Mylan’s EpiPen and Pfizer’s Viagra, will be domiciled in the U.S.
Beyond Meat, the hot meat alternative IPO with a market cap bigger than a quarter of companies in the S&P 500, reports earnings after the bell. In all, 75% of companies have beaten estimates so far and 60% beat revenue expectations.
Dallas Fed manufacturing figures for July will be released this morning.
The Fed will announce its latest decision on whether to adjust interest rates at 2 p.m. ET Wednesday; Chairman Jerome Powell will also address the state of the economy in a press conference at 2:30 p.m. ET.
Despite a healthy economy and an unemployment rate under 4%, investors project the central bank will cut its benchmark lending rate for the first time since 2008 by 25 basis points. The Fed, which seeks to keep inflation around 2%, has had trouble sustaining price growth in recent months despite a healthy economy and low unemployment.
Overseas, in Japan, the Nikkei 225 index docked 0.2% Monday, while in the Hong Kong, the Hang Seng index slumped 1%,
Oil prices gained 10 cents to $56.30 U.S. a barrel.
Gold prices moved up $1.20 to $1,420.50 U.S. an ounce.
