Stock futures pointed to a lower opening for Canada's main stock index as oil slipped on Chinese demand concerns and gold prices to a four-week low, extending a sell-off into a fourth straight session as technical signals deteriorated.
The S&P/TSX composite index capsized 262.71 points, or 1.9%, to close the day and the week at 13,529.17. The index lost 3% on the week and gained 1.7% through October
The Canadian dollar faded 0.15 cents to 76.36 cents U.S. early Monday
Cameco Corp reported lower adjusted third-quarter earnings on Friday, as an oversupply in the market continued to affect demand and pricing. The company said its quarterly profit, excluding one-time items, was hurt by a smaller gross profit from its uranium segment and lower tax recovery in the quarter. On an adjusted basis, earnings fell to $78 million, or 20 cents per share, compared with $93 million, or 23 cents per share, a year earlier.
Royal Bank of Canada scrapped an internal limit on mortgage loan size for immigrants in the spring to tap into surging demand for financing on multi-million dollar houses by newcomers to Vancouver. It removed its $1.25-million cap on loans to borrowers with no local credit history.
Hedge fund billionaire William Ackman spent nearly four hours on Friday trying to convince the world that Valeant Pharmaceuticals was a good buy but it was short-seller Andrew Left's tweet promising fresh allegations about the Canadian company that got noticed. By the end of trading, Valeant's stock price had tumbled, wiping $6.2 billion off its market capitalization and taking Ackman's own losses on the company to roughly $2 billion.
Canaccord Genuity cut the target price on Bombardier to $1.10 from $1.35 on the risk that the Quebec government will prevail on the Federal government and Bombardier to have Ottawa match Quebec’s just announced a $1-billion investment in the CSeries program.
CIBC cut the rating on Genworth MI Canada to underperform from sector perform following the company’s continued job losses in Alberta, a negative earnings trajectory and a shrinking regulatory capital cushion.
CIBC cut the target price on Sirius XM Canada Holdings to $5.00 from $7.50, says the company should see support given an outsized dividend yield, but believe there is much capital appreciation in the near term
On the economic calendar, RBC was due out this morning (9:30 EST) with its Manufacturing Purchasing Managers Index.
ON BAYSTREET
The TSX Venture Exchange shed 6.44 points Thursday to 539.71
ON WALLSTREET
It looks like the market momentum from October may continue into November.
U.S. stock futures are clawing up from earlier lows.
Ahead of the opening bell, futures for the Dow Jones eked up nine points, or 0.1%, to 17,603, futures for the S&P 500 inched up 0.75 points to 2,074.5, and futures for the NASDAQ advanced 6.25 points to 4,649.5
Chipotle is in the spotlight Monday after the company temporarily closed dozens of restaurants in Washington and Oregon after an E.coli scare. Shares in the restaurant chain have dropped by about 15% since mid-October.
Shares in HSBC are dipping by around 1% in London as investors react to the bank's latest earnings results. Pre-tax profits in the third quarter rose 31% compared to the same period last year, but underlying revenues were down.
Visa, Estee Lauder and Clorox are among the companies reporting ahead of the open.
Then Allstate, Avis Budget, AMC Entertainment and Fitbit will post earnings after the close.
On the economic side, the Institute for Supply Management will release its October manufacturing report at 10 a.m. ET.
European markets are not making any major moves in early trading, but there's a positive bias in the markets.
Asian stock markets mostly ended with losses.
Oil prices settled 68 cents to $45.91 U.S. a barrel
Gold prices dipped $3.92 to $1,138.19 U.S. an ounce.
