Canadian stocks looked set to open lower on Monday, tracking U.S. and European counterparts, with investors wary ahead of a meeting by euro-zone finance ministers on debt-burdened Greece and U.S. negotiations over the "fiscal cliff" that could derail the world's biggest economy.
The S&P/TSX Composite Index gained 40.30 points to close the week at 12,213.24, with stock futures down 0.1%
The Canadian dollar fell 0.12 cents to 100.61 cents U.S. Monday morning.
In company news, private equity company Onex Corp said it will buy USI, a U.S. provider of insurance brokerage services, from GS Capital Partners for $2.3 billion.
No economic data is due out today.
ON BAYSTREET
The TSX Venture Exchange gained 10.61 points Friday to 1,254.49
ON WALLSTREET
Investors return to work Monday with one eye on the first weekend of the holiday shopping season, and the other eye on upcoming negotiations in Washington and Europe.
The Dow Jones Industrials futures tumbled 52 points, or 0.4%, to 12,909, while S&P 500 futures dropped 5.7 points, or 0.4%, to 1,399.60, and futures for the tech-rich Nasdaq let go of 6.75 points, or 0.3%, to 2,627.50, in the first full trading session since last Wednesday.
No major economic or corporate reports are expected, so investors will be looking for signs of an economic recovery in retail sales. On Sunday, the National Retail Federation reported that the Black Friday weekend brought in a record $59.1 billion in sales, up 13% from last year.
On Friday, U.S. stocks rallied in a holiday-shortened trading day, led by gains in retail stocks.
Shares of Knight Capital rose 18% in pre-market trading after a report late Friday in the Wall Street Journal said it is weighing the sale of its market-making business, the unit whose trading glitch in August that cost the company more than $400 million.
Research in Motion shares rose more than 2% in pre-market trading. Investors are hopeful the BlackBerry 10, debuting Jan. 30, will signal a turnaround for the company. A bullish analyst report triggered a rally Friday, with the stock rising 14%.
Investors will also return their attention to the fiscal cliff. Congress is back in session, and will be under pressure to reach a deal before the end of the year.
Meanwhile, euro-zone finance ministers are meeting for the third time to discuss the latest release of bailout funds for Greece.
European stocks were all lower in midday trading, with London's FTSE off 0.7%, the CAC 40 in Paris down 0.9%, and the German DAX slipping 0.4%.
Asian markets ended mixed. The Shanghai Composite lost 0.5% and the Hang Seng in Hong Kong slid 0.2%, while Japan's Nikkei added 0.2%.
Oil for January delivery slipped 48 cents to $87.80 U.S. a barrel.
Gold futures for December delivery lost 90 cents to $1,750.50 U.S. an ounce.
