Canadian stock index futures pointed to a lower open after immigration curbs introduced by Donald Trump added an extra layer of uncertainty to the economic impact of the new U.S. president's policies.
The S&P/TSX Composite fell 39.71 points to close Friday and the week at 15,575.81. Even with the negative readings, the index enjoyed a 0.6% gain on the week and was within striking distance of an all-time high hit in 2014.
The Canadian dollar hesitated 0.15 cents to 76 cents U.S. early Monday.
Saputo Inc said it will make an all-cash takeover offer for the 12% of Australia's Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million. The A$8.85-per-share offer is at a 24.8% premium to Warrnambool's Friday closing price of A$7.09.
CSX Corp is discussing a settlement with Hunter Harrison, the outgoing chief executive of Canadian Pacific Railway, and activist investor Paul Hilal that could make Harrison CSX's CEO. The Wall Street Journal says parties are discussing Mantle Ridge's request for more than three CSX board seats, but CSX is said to be unwilling to hand over that many seats
WestJet Airlines said it turned back a passenger bound for the United States on Saturday in order to comply with an executive order that prohibits people from seven Muslim-majority countries from entering the United States. It did not say which country the passenger had come from.
RBC raises target price on Bank of Montreal to $106.00 from $97.00 to reflect an improving economic outlook
Canaccord Genuity raised the target price on Onex Corp to $102.00 from $100.00 reflecting Jeld-Wen's IPO debut and the implied equity value.
National Bank Financial raised the target price on Osisko Mining to $4.85 from $4 based on the recent positive exploration updates from the company’s Windfall project.
ON BAYSTREET
The TSX Venture Exchange rocketed 8.1 points, or 1%, Friday to 809.62
ON WALLSTREET
U.S. stock index futures pointed to a lower open on Monday as traders surveyed a batch of earnings and economic data.
Ahead of the opening bell, futures for the Dow Jones Industrials scaled back 62 points, or 0.3%, to 19,950. Futures for the S&P 500 dropped eight points, or 0.4%, to 2,281. NASDAQ futures retreated 19 points, or 0.4%, at 5,143.5.
On the earnings front, Enterprise Products and Booz Allen Hamilton reported before the bell. General Growth Properties, Leggett & Platt, Principal Financial, Reinsurance Group of America and UDR are all due to report after the market close.
On the data front, Monday will see personal income and consumer spending data for December released this morning, with pending home sales for December and Dallas Fed manufacturing for January are due to be released soon after.
Stocks in Europe and what was trading in Asia were almost uniformly down
Oil prices eked up five cents to $53.22 U.S. a barrel
Gold prices gained $2.70 to $1,193.800 U.S. an ounce.
