Toronto's main stock index was set for a lower open, tracking global markets, as worries over uncertainty in the euro zone crimped investor appetite, ahead of the European Union summit later this week.
The S&P/TSX Composite Index gained back 27.22 points, to end Friday at 11,435.34. Canada stock futures traded down 1% this morning.
Among stocks to watch this morning, Thomson Reuters Corp said it has acquired privately held Zawya Ltd, an online service supplying business information in the Middle East and North Africa.
Precious metals producer Coeur d'Alene Mines Corp. said it would evaluate strategic options for a silver and gold mine in Argentina due to high operating costs, and will recognize a charge in the second quarter.
Property manager FirstService Corp. said a subsidiary opted out from a property services agreement with a United States government-backed entity as the business turned unprofitable.
The Canadian government will probably have to impose new rules on railways such as CN and CP and their customers, after four months of negotiations failed to find a formula to get grain shippers and other customers the service levels they demand.
ON BAYSTREET
The TSX Venture Exchange dipped 11.32 points Friday to 1,206.03. The Nasdaq Canada index nipped up 1.57 points to 364.16
The Canadian dollar was down 0.33 of a cent this morning to 97.01 cents U.S.
ON WALLSTREET
U.S. stocks were headed for a lower open Monday as worries about Europe remained at the forefront ahead of a key meeting of continent leaders later in the week.
Futures for the Dow Industrials fell 100 points, or 0.8%, to 12,468, about 30 minutes before the opening bell, while futures for the S&P 500 dipped 10.6 points, or 0.8%, to 1,316.20. Futures for the tech-rich Nasdaq faded 19.50 points to 2,554
All eyes will be firmly fixed on Europe this week, which culminates with a key two-day E.U. summit starting Thursday. Expectations are running high for leaders to put together a concrete plan.
European leaders from Germany, France, Italy and Spain said Friday that they had agreed on a set of growth-enhancing policies equal to about €125 billion, or 1% of euro-zone gross domestic product.
Early Monday, Spain formally requested aid for its banking sector, as expected.
The country has been struggling under a pile of debt and worries that it might need a bailout, as yields on the Spanish 10-year bond recently flirted with 7% -- a level that flashes warning signs about a country's debt level. Yields have since retreated to around 6.5% but Spain remains on shaky ground.
European stocks were in the red in afternoon trading. Britain's FTSE 100 slid 0.7%, the DAX in Germany dropped 1.8% and France's CAC 40 lost 2%.
Asian markets ended lower. The Shanghai Composite stumbled 1.6%, the Hang Seng in Hong Kong shed 0.5% and Japan's Nikkei fell 0.7%.
Oil for August delivery fell 86 cents to $78.90 U.S. a barrel.
Gold futures for August delivery rose $1.90 to $1,568.80 U.S. an ounce.
