Toronto's main stock index looked set to open lower after Chinese data increased worries about the slowing global economy, with investors also looking ahead to potential U.S. Federal Reserve stimulus and a German constitutional court ruling on the euro zone's bailout fund.
The S&P/TSX Composite index moved up 128.68 points, or 1.1%, to end Friday and a short week at 12,268.01. Futures were down 0.1%
The Canadian dollar dipped 0.05 cents Monday morning to 102.28 cents U.S.
Commodities trader Glencore laid out its raised $36-billion all-share bid for Xstrata on Monday, warning it would not improve the terms again after making concessions to recalcitrant shareholders.
Talisman Energy Inc , Canada's number-five independent oil explorer, said Chief Executive John Manzoni has stepped down, effective immediately.
ON BAYSTREET
The TSX Venture Exchange gained 18.41 points to 1,276.71.
ON WALLSTREET
U.S. stocks were poised to open lower Monday as investors await decisions out of Europe and from the Federal Reserve later this week.
Investors are looking ahead to the Federal Reserve's two-day meeting, where it could announce new stimulus measures. The central bank meets this Wednesday and Thursday.
Futures for the Dow Jones Industrials retreated 33 points, or 0.3%, to 13,263, about 30 minutes before the opening bell. Futures for the S&P 500 fell 3.5 points, or 0.2%, to 1,434.70, and for the Nasdaq, futures were off 5.75 points, or 0.2%, to 2,817.25.
Friday's weak jobs report prompted further speculation that the central bank will move forward with a new round of quantitative easing, a possibility Fed chairman Ben Bernanke alluded to in a speech last month.
Meanwhile, investors will be keeping tabs on Europe, as the German Constitutional Court hands down a ruling Wednesday that could impact the European Central Bank's plans to preserve the euro.
The European Central Bank announced its own bond-buying program last week aimed at keeping the continent's debt crisis at bay and prompting a rally in global markets.
European stocks were mixed in afternoon trading. Britain's FTSE 100 and the DAX in Germany were flat, while France's CAC 40 edged lower 0.2%.
Asian markets closed mixed Monday. The Shanghai Composite added 0.3%, the Hang Seng in Hong Kong rose 0.1%, and Japan's Nikkei was slightly lower.
Chinese imports fell 2.6% in August while exports grew less than expected in the latest sign of weakness in the world's second-largest economy.
Oil for October delivery fell 17 cents to $96.25 U.S. a barrel.
Gold futures for December delivery fell $8.50 to $1,732 U.S. an ounce.
