Canada's main stock index looked set to open lower on Monday as weak-than-expected U.S. payrolls data weighed on investor sentiment, reviving speculation about the timeline of the Federal Reserve's monetary policy tapering.
The S&P/TSX composite index 118.11 points to end Friday at 13,747.52, a two-and-a-half-year high. Futures, however, were lower by 0.1% Monday.
The Canadian dollar faded 0.04 cents to 91.63 cents U.S. early Monday
Goldcorp Inc launched a bid to buy fellow gold miner Osisko Mining Corp for $2.6 billion in cash and stock to gain access to Osisko's Malartic mine in Quebec.
A possible recovery in the European car market could send vehicle-parts whiz Magna International’s share price higher in 2014, following a 64% jump last year, according to Barron's latest edition published on Sunday.
TransCanada Corp.’s CFO said the company will start its 700,000-barrel-per-day Gulf Coast crude oil pipeline project in "the next 10 days".
ON BAYSTREET
The TSX Venture Exchange gained 9.85 points to close Friday at 966.55
ON WALLSTREET
Markets were in a reflective mood early Monday after last week's shock jobs report as investors prepared for a flurry of earnings reports this week.
Ahead of the opening bell, futures for the Dow Jones Industrials dipped nine points to 16,372. Futures for the S&P 500 faded four points, or 0.2%, to 1,837.70, and futures for the NASDAQ fell five points, or 0.1%, to 3,556.50.
Investors and traders are still digesting Friday's jobs report, which showed an extreme slowdown in job creation in the final month of 2013. Many experts are now saying colder-than-normal temperatures in December hit hiring.
Now investors are looking ahead to the first big round of fourth quarter earnings coming later in the week.
JPMorgan and Wells Fargo are scheduled to report Tuesday morning, while firms including Bank of America,General Electric and Intel are up later in the week.
Ahead of its earnings, yoga pant retailer Lululemon cut its fourth-quarter earnings guidance, saying that traffic and sales have declined since the beginning of January.
Shares of Beam shot up 25% after the spirits maker announced it was being acquired by Japan's Suntory for $16 billion U.S. Beam, which produces Sauza tequila and Canadian Club whiskey, said the transaction was expected to close in the second quarter of 2014. Suntory is agreeing to pay $83.50 U.S. per share -- a 25% premium over Beam's closing price on Friday.
Shares in automakers may also be moving this week as Detroit hosts the North American International Auto show. Major automakers such as General and Ford use the event to showcase their newest vehicles and innovations.
At 2:00 p.m. ET Monday, the U.S. Treasury Department will release its monthly budget report.
European markets edged higher in afternoon trading.
In Asia, markets ended with mixed results.
Japan's markets were closed
Oil prices went down 56 cents to $92.16 U.S. a barrel
Gold prices lost a dollar to $1,245.90 U.S. an ounce.
