Stock markets will likely start the trading week in a holding pattern and stay there until Wednesday when investors find out if the U.S. Federal Reserve ends months of speculation and decides to start winding up its asset purchases.
The S&P/TSX composite index gained 11.31 points to end Friday and the week at 13,125.70
The Canadian dollar forged ahead 0.04 cents to 94.45 cents U.S. early Monday
In corporate news, Loblaw Companies recalled three types of Life at Home LED 70 count Outdoor Christmas lights, due to the possibility of loose or exposed wires.
Valeant Pharmaceuticals International, Inc. said it would acquire Solta Medical, Inc. for $2.92 per share cash, a 40% premium to Solta's latest closing price.
Constellation Software Inc. announced plans to acquire Total Specific Solutions B.V. for about 240 million euros, through its wholly-owned unit Constellation Software Netherlands B.V
Communications services company Wi-LAN Inc. entered into a patent assignment agreement with Panasonic Corp, in which Panasonic will give to a WiLAN subsidiary certain patents from Panasonic Automotive & Industrial Systems Co., one of Panasonic's internal companies.
Oil and gas exploration whiz Crew Energy Inc. announced a capital program of $246 million for 2014, focused on the development of liquids rich natural gas at Septimus, B.C. and light oil at Tower, B.C.
On the economic calendar, Canada’s international transactions in securities figures rolled in for October this morning, and showed that foreign investments in our instruments amounted to $4.4 billion in October, focused on instruments from the corporate sector. Canadian holdings of foreign securities edged lower, led by the sale of U.S. equities.
What’s more, figures were due out this morning by the Canadian Real Estate Association (CREA).
ON BAYSTREET
The TSX Venture Exchange gained 8.38 points Friday to 894.47
ON WALLSTREET
Investors and traders appear in no mood for major risk-taking Monday morning as the next U.S. Federal Reserve meeting approaches.
Ahead of the opening bell, futures for the Dow Jones Industrials bolted 97 points, or 0.6%, higher to 15,798. Futures for the S&P 500 picked up 9.7 points or 0.6%, to 1,778.20, and futures for the NASDAQ increased 18.75 points, or 0.5%, to 3,472.
In corporate news, Google agreed to buy military robot maker Boston Dynamics, a builder of military robots.
Shares of Sprint rose in premarket trading following reports from The Wall Street Journal that it was working on a deal to acquire T-Mobile.
AIG reached an agreement to sell its airline leasing business to AerCap Holdings for $5.4 billion U.S.
On the economic data front, the New York branch of the Federal Reserve is set to release its monthly manufacturing survey Monday, while the U.S. Labor Department will release its revised estimate of third quarter productivity.
At 9:15 a.m. ET, the Census Bureau will publish its monthly reports on industrial production and capacity utilization.
Investors are treading cautiously as they wait to see whether the Federal Reserve will begin cutting back on its massive stimulus program -- which has supported stock markets around the world – as economic data continue to improve.
The Fed has been pumping $85 billion U.S. per month into the financial system since September 2012. It will announce any policy changes after it wraps up its two-day meeting Wednesday afternoon.
European markets were climbing in morning trading, with Germany's benchmark DAX index up by roughly 0.6%.
Asian markets ended with losses. The Nikkei 225 in Japan slumped by 1.6% as the yen strengthened, hitting companies that depend on exports.
Oil prices gained 84 cents to $97.44 U.S. a barrel
Gold prices picked up $1.80 at $1,236.40 U.S. an ounce.
