Canada's main stock index looked set to open higher on Monday, tracking European and U.S markets, as investors looked ahead to a gathering of central bankers later this week for clues on what officials might agree to support a sagging global economy.
The S&P/TSX Composite index gained 19.72 points to finish Friday at 12,082.23. Canada stock futures traded up 0.4% Monday.
The Canadian dollar strengthened 0.36 cents Monday morning to 101.05 cents U.S.
Among stocks to watch this morning, gold explorer Inter-Citic Minerals Inc said Western Mining Group Co Ltd has agreed to acquire it for $250 million in cash to expand its gold mining business.
Elsewhere, BHP Billiton has agreed to sell a uranium deposit at Yeelirrie, Australia to Cameco Corp for $430 million, as the top global miner sheds assets to help improve returns and shore up cash in a deteriorating commodity market.
ON BAYSTREET
The TSX Venture Exchange added 3.80 points Friday to 1,251.88. The Nasdaq Canada gained 0.01 points to 351.66.
ON WALLSTREET
U.S. stocks were poised for a slightly higher open Monday, as investors wait for central banks to decide if the global economy is in need of further stimulus measures.
Futures for the Dow Jones Industrials picked up 27 points, or 0.2%, to 13,183, about 30 minutes before the opening bell.
Futures for the S&P 500 advanced 4.5 points, or 0.3% to 1,414.30, and for the Nasdaq, futures tacked on 19 points, or 0.7%, to 2,794.
Investors are holding their breath ahead of Federal Reserve Chairman Ben Bernanke's annual speech in Jackson Hole, Wyo. later this week.
Minutes released last week from the Fed's last two-day meeting, which ended on August 1, suggested that additional stimulus could come "fairly soon" unless the economic recovery regains substantial and sustainable strength. But a day later, St. Louis Federal Reserve President James Bullard talked down the odds of anything imminent, calling the minutes "a bit stale."
No U.S. economic reports are due out Monday.
European stocks edged higher in morning trading. The DAX in Germany gained 0.9% and France's CAC 40 added 0.5%. Britain was closed for a bank holiday.
The German business sentiment slipped for the fourth consecutive month in August, according to the Ifo Business Climate Index, signaling that there may be further weakness in Europe's largest economy.
Asian markets closed the day mixed. The Shanghai Composite lost 1.8% and the Hang Seng in Hong Kong slipped 0.4%, while Japan's Nikkei added 0.2%.
Oil for October delivery rose $1.09 to $97.24 U.S. a barrel.
Gold futures for December delivery fell five cents to $1,672.40 U.S. an ounce.
