With the U.S. government stalemate entering its second week, Canada's main stock index was set for a lower open on Monday as a lack of progress after talks over the weekend dented investor confidence.
The S&P/TSX composite index moved higher 23.53 to end Friday at 12,758.65. Futures plummeted 0.6%.
The Canadian dollar fell 0.25 cents to 96.87 cents U.S. early Monday
BlackBerry Ltd., on the block as its smartphone business struggles, is in talks with Cisco Systems, Google Inc and SAP AG about selling them all or parts of itself, according to several sources close to the matter
India's customs department has cleared more than a tonne of gold, part of which was owned by Bank of Nova Scotia, at Mumbai airport after rule clarifications at a high-level meeting held last month, industry and bank officials said on Saturday.
CIBC raised the target price on Ag Growth International to $38 from $33 to reflect higher international backlog.
However, CIBC cut the target price on Calfrac Well Services to $40 from $41 after the company announced that its third-quarter results will not meet its expectations.
On the economic slate, Statistics Canada said municipalities issued building permits worth $6.3 billion in August, down 21.2% from July.
This decline followed a 21.4% increase the previous month and was the result of lower construction intentions in both non-residential and residential sectors. Market call was for a reading of negative 7.4%.
ON BAYSTREET
The TSX Venture Exchange gained 11.51 points to conclude Friday’s session at 955.36
ON WALLSTREET
The U.S. government shutdown heads into day seven, with some 350,000 workers back on the job. And a looming debt ceiling crisis is stoking fears of a possible U.S. default.
Ahead of the opening bell, futures for the Dow Jones Industrials plummeted 131 points, or 0.9%, to 14,867. Futures for the S&P 500 swooned 14.10 points, or 0.8%, to 1,670.70, and futures for the NASDAQ slipped 22.50 points, or 0.7%, to 3,212.
U.S. stocks finished higher Friday, but the Dow declined 185 points, or 1.2%, for the week.
The first corporate results of the third quarter come out Tuesday, when aluminum makerAlcoa reports after the market close. Two of the biggest banks -- Dow component JPMorgan Chase and Wells Fargo report Friday morning.
With the deadline to raise the debt limit a little more than a week away, lawmakers appeared no closer to resolving the debt impasse over the weekend.
On Sunday, Treasury Secretary Jack Lew said that Congress was "playing with fire," and warned the U.S. could default in just over a week.
European markets fell in afternoon trading. The DAX in Frankfurt was under the most pressure, declining by more than 1%.
Asian markets ended with losses. Japan's Nikkei 225 took a 1.2% tumble.
Oil prices sank $1.01 to $102.83 U.S. a barrel
Gold prices gained $6.10 to $1,316 U.S. an ounce.
