The Toronto stock market looked set for a lower open Monday as commodities fell in the wake of weak Chinese trade data and disappointing Japanese growth for the fourth quarter.
The S&P/TSX composite index advanced 27.16 points to conclude Friday at 14,299.08
The Canadian dollar dipped 0.03 cents at 90.14 cents U.S. early Friday
On the corporate front, satellite hardware developer Com Dev International says quarterly net income dropped to $1.8 million, down nearly 55% from the first quarter of fiscal 2013 as a stronger U.S. dollar weighed on results. Revenue was down 1% from a year ago at $51.8 million.
The Second Cup Ltd. recorded net income of $1.18 million or 12 cents a share, improved from the year earlier loss of $12 million a year ago when Second Cup recognized the impaired value of its assets. Adjusted earnings per share were 17 cents, down from 18.2 cents per share a year earlier.
Data released on the weekend showed China’s exports fell by an unexpected 18% in February.
China’s official 2014 economic growth target of 7.5% assumes trade also will grow by 7.5%. But customs data show combined imports and exports so far this year have shrunk by 4.8%.
On the domestic economic slate, a report from the Canada Mortgage and Housing Corp showed the seasonally-adjusted annualized rate of housing starts rose to 192,094 units last month from a upwardly revised 180,481 in January, topping economists' forecast for 189,500.
ON BAYSTREET
The TSX Venture Exchange moved up 3.65 points end Friday to 1,043.01
ON WALLSTREET
The day after celebrating five years of the current bull market, investors are looking sluggish Monday.
Ahead of the opening bell, futures for the Dow Jones Industrials slid 11 points, or 0.1%, to 16,437. Futures for the S&P 500 dropped 3.3 points, or 0.2%, to 1,874.80, and futures for the NASDAQ nicked ahead 1.75 points at 3,706.
Boeing shares traded nearly two percent lower pre-market after Malaysia Airlines Flight 370, a Boeing 777, disappeared Saturday in mysterious circumstances en route to Beijing. The company also announced late Friday that "hairline cracks" had been found on some of its Dreamliner 787 jets still in production.
Chiquita Brands said it was buying Ireland's Fyffes for about $526 million U.S. to create the world's leading banana company.
Otherwise, there's little U.S. economic or corporate news on the docket Monday. The World Agriculture Supply and Demand report will be published at noon ET. Urban Outfitters will report earnings after the bell.
Sunday was the fifth anniversary of the starting point of the current bull market. While some investors worry that stocks are overdue for a pullback, bulls say there's more room to run.
European markets were mainly higher in morning trading, with the exception of Germany's DAX.
Asian markets ended significantly lower after China trade data and revised Japanese GDP numbers came in weaker than expected
Oil prices sank $1.23 to $101.35 U.S. a barrel
Gold prices took on a dollar to $1,339.20 U.S. an ounce.
