Stock futures pointed to a higher opening for Canada's main stock index on Monday
The S&P/TSX composite index dropped 173.22 points Friday, or 1.3%, to close a turbulent day and week at 13,731.90. Futures shot 0.5% higher early Monday morning.
The Canadian dollar was flat at 86.25 cents U.S. early Monday.
First Quantum Minerals has shut its 38,000-tonnes-per-year Ravensthorpe nickel plant in Australia following an acid spill, which is under investigation.
CIBC cut the price target on BRP Inc to $30 from $33
CIBC also cut price target on Gibson Energy to $35 from $37
Moreover, CIBC cut the rating on Savanna Energy Services to sector performer from outperform.
In the economic docket, the Canadian Real Estate Association was due out with national home sales for November this morning.
ON BAYSTREET
The TSX Venture Exchange fell 9.72 points Friday to 653.78
ON WALLSTREET
U.S. stock futures are all moving up, setting the stage for a rebound after both the Dow Jones industrial average and S&P 500 each dropped by about 3.5% last week.
Ahead of the opening bell, futures for the Dow Jones Industrials leaped 105 points, or 0.6%, to 17,296. Futures for the S&P 500 progressed 14 points, or 0.7%, to 2,004.50, and futures for the NASDAQ tacked on 34.25 points, or 0.8%, to 4,220.
Shares in Petsmart are rising by about 6% pre-market after the retailer agreed to be acquired for $8.7 billion U.S. in the largest private equity deal so far this year.
A group of investors led by BC Partners will pay $83 U.S. a share, a 39% premium to Petsmart's stock price before it began exploring a possible sale in early July
European markets were also pushing higher in morning trading.
Concerns about the impact of plunging oil prices have contributed to recent market volatility.
Crude futures were edging up Monday, and shares in big oil companies look set to rally, despite weekend reports that OPEC won't rush to cut oil production even if prices fall as low as $40 U.S. per barrel.
Japanese voters backed Prime Minister Shinzo Abe in a snap election Sunday.
The win gives Abe four more years to institute his policies aimed at reviving Japan's economy by flooding the market with cash, encouraging corporations to create more jobs and increasing government spending.
Japan unexpectedly slipped into a recession this year, dealing a blow to Abe's much-vaunted Abenomics economic revival strategy.
Tokyo's Nikkei 225 index declined by 1.6% Monday.
The main Australian index was down by 0.6% Monday as markets reacted to a hostage situation at a cafe in Sydney.
Shares in QANTAS Airways dropped by 5.4% as investors predict the hostage standoff could hurt tourism and air travel.
Oil prices added 13 cents to $57.94 U.S. a barrel
Gold prices faded $12.50 to $1,210 U.S. an ounce.
