Futures for Canada's main stock index achieved all-time highs on Tuesday, tracking a rise in global stock markets, as investors bet on loose monetary policy against the backdrop of a slowdown in the post-pandemic economic rebound.
The TSX Composite retained 26.31 points to finish Friday at 20,821.43, another intraday record. On the week, the gain was 176 points, or 0.86%.
The Canadian dollar acquired 0.11 cents Tuesday to 79.77 cents U.S.
September futures rocketed 0.5% Tuesday.
North American markets were closed Monday for Labour Day.
Kansas City Southern said on Saturday it will start talks with Canadian Pacific Railway because CP's unsolicited proposal to acquire it could reasonably be expected to lead to a better proposal than one made by Canadian National Railway.
Barclays raised the price target on Bank of Montreal to equal weight from underweight.
Canaccord Genuity cut the rating on Shaw Communications to hold from buy.
Barclays raised the rating on Toronto-Dominion Bank to overweight from equal weight.
ON BAYSTREET
The TSX Venture Exchange popped 15.52 points, or 1.7%, Friday to 923.22
ON WALLSTREET
U.S. stock futures were flat Tuesday morning amid lingering concerns about the delta variant’s impact on the economic reopening.
Futures for the Dow Jones Industrials gained 36 points, or 0.1%, to 35,389
Futures for the S&P 500 inched up three points, or 0.1%, to 4,537.50.
Futures for the NASDAQ Composite Index added 6.25 points to 15,656.75.
Year-to-date, the Dow is up 15.5%, the S&P is up 20.7% and the NASDAQ is up 19.2%, although investors and analysts are still on the lookout for a major correction in September.
Boeing shares were lower in pre-market trading after the Wall Street Journal reported deliveries for the 787 Dreamliner would likely be further delayed.
Drug stocks including Johnson & Johnson, Merck and Amgen were slightly lower in pre-market trading after Morgan Stanley downgraded the three stocks.
Shares of GM fell in early trading after various auto leaders said Monday at the Munich Motor Show that a global chip shortage would likely continued to weigh on the industry.
Goldman Sachs downgraded its economic outlook over the weekend, citing the delta variant and fading fiscal stimulus. Goldman now sees 5.7% annual growth in 2021, below the 6.2% consensus. The firm cut its fourth-quarter GDP outlook to 5.5%, down from 6.5%.
Overseas, in Japan, the Nikkei 225 index gained 0.9% Tuesday, while in Hong Kong, the Hang Seng index picked up 0.7%.
Oil prices dropped $1.45 to $67.84 U.S. a barrel.
Gold prices handed over 20 dollars to $1,813.70 U.S. a pound.
