Canada's main stock index futures pointed to a lower open on Monday despite positive economic data from China and the euro-zone, as U.S. Federal Reserve comments and a bleak warning from BlackBerry weigh on investor sentiment.
The S&P/TSX composite index stumbled 120.31 points Friday to end the week at 12,806.47, with futures trading down 0.3%.
The Canadian dollar took on 0.14 cents to 97.15 cents U.S. early Monday
BlackBerry Ltd's plan to retreat from the consumer market in favor of serving businesses and governments is a desperate move that industry watchers warn will only accelerate its downward spiral. Many banks and brokers, including Citigroup, Goldman Sachs, Nomura, CIBC, cut price targets after the company said it expects second-quarter results below estimates
Major U.S. telecom companies have not registered for a Canadian wireless spectrum auction, raising doubts about government plans for more competition and offering good news for the three big players, BCE Inc, Rogers Communications Inc and Telus Corp
Agrium Inc raised its dividend by 50% and said potash volumes are expected to be about 30% lower than normal in the current quarter.
Enbridge Inc. has rationed space for crude oil shippers on four different lines in its export network in October, two market sources said on Friday.
ON BAYSTREET
The TSX Venture Exchange dipped 6.78 points Friday to 946.10
ON WALLSTREET
It looks like the trading week could start on a positive note.
Ahead of the opening bell, futures for the Dow Jones Industrials picked up 12 points to 15,415. Futures for the S&P 500 dipped 1.9 points to 1,700.50, and futures for the NASDAQ were flat at 3,216.50.
The market mood was bolstered by new data from HSBC showing China's manufacturing sector expanded at the fastest pace in six months.
But with few major corporate or economic reports on tap, trading volume could be light.
European markets were mixed in morning trading, with stocks edging into positive territory as euro-zone purchasing managers reported slightly stronger-than-expected growth in manufacturing and services.
German Chancellor Angela Merkel's big victory in Sunday's elections also helped early sentiment as voters backed her handling of the euro-zone crisis and Europe's biggest economy. But European stocks eventually lost momentum, withe Frankfurt's DAX index, which has gained 14% so far this year, little changed for the day.
Asian markets ended with mixed numbers Monday. The Shanghai Composite index rose by 1.3%, in part because of the positive manufacturing data. The Shanghai markets were back from an extended holiday period.
Meanwhile, Hong Kong was closed in the morning because of Typhoon Usagi. But trading resumed in the afternoon and the Hang Seng index dropped by 0.6%. The Tokyo Stock Exchange was closed for a holiday
Oil prices eked up seven cents to $104.82 U.S. a barrel
Gold prices slipped $10.20 to $1,322.30 U.S. an ounce.
