Canadian stock index futures pointed to a slightly lower open on Monday, with investors still hoping for policy action in Europe after Mario Draghi last Thursday vowed that the European Central Bank will do whatever it takes to preserve the euro.
The S&P/TSX Composite index moved ahead 155.46 points Friday, or 1.3%, to conclude the day and week at 11,795.21
The Canadian dollar eked up 0.06 Monday morning to 99.62 cents U.S.
Among stocks to watch this morning, second-quarter profit at Canadian Oil Sands Ltd, which owns the largest stake in Syncrude Canada Ltd, sank 71% due major plant maintenance that reduced production, lower oil prices and higher operating costs.
Enbridge Inc. prepared on Sunday to replace part of a pipeline that leaked more than 1,000 barrels of oil in a Wisconsin field, shutting down a key conduit from Canada and provoking fresh ire from Washington.
Specialty pump maker Fibrek Inc. said it was temporarily halting production at its market pulp mill in Saint-Félicien, Quebec to carry out repairs.
U.S. Silver Corp urged shareholders to reject Hecla Mining Co's hostile bid for the company, calling it "inadequate" and "highly opportunistic," and asked them to vote in favor of RX Gold & Silver Inc's offer.
ON BAYSTREET
The TSX Venture Exchange was up 5.30 points to 1,186.72. The Nasdaq Canada index finished forward 5.13 points to 338.30.
ON WALLSTREET
Investors were on edge Monday ahead of two big meetings by U.S. and European central banks.
Futures for the Dow Jones stepped back 42 points, or 0.3%, to 12,991, about 30 minutes before the opening bell. Futures for the S&P 500 eased 4.3 points, or 0.3%, to 1,378.20, and for the Nasdaq, futures advanced two points, or 0.1%, to 2,644.
Expectations are high for the U.S. Federal Reserve and the European Central Bank to announce new measures to boost the economy when they meet later this week. The Fed's two-day meeting culminates in an announcement on monetary policy Wednesday.
Once the Fed wraps up, the ECB will take center stage, with its Governing Council meeting in Frankfurt on Thursday. Last week ECB president Mario Draghi said the central bank would do "whatever it takes" to preserve the euro. Investors now want to see if he'll put those words into action.
Britain's FTSE 100 rose 0.6%, the DAX in Germany added 0.8%, while France's CAC 40 gained 0.6%.
Spain's economy continued to shrink for a third straight quarter. The struggling country's GDP fell 0.4% during the second quarter.
Spain has been in the spotlight thanks to its high debt and soaring borrowing costs. The Spanish 10-year yield neared 8% last week, but has since pulled back amid hopes that the ECB will intervene to help bring down the country's borrowing costs.
Asian markets ended mixed. The Shanghai Composite slid 0.9%, while the Hang Seng in Hong Kong gained 1.6% and Japan's Nikkei rose 0.8%.
Oil for September delivery dipped 23 cents to $89.90 U.S. a barrel.
Gold futures for August delivery fell 70 cents to $1,617.30 U.S. an ounce.
