Canada's main stock index futures pointed to a higher opening on Monday on relief after Hurricane Irma weakened overnight and North Korea did not conduct a missile test over the weekend.
The S&P/TSX Composite Index slipped 39.21 points to conclude Friday and a short week at 14,985.32
Markets in North America were closed last Monday for Labour Day
September futures gained 0.3% on Monday morning.
The Canadian dollar gained 0.34 cents to 82.62 cents U.S. Monday morning.
Eldorado Gold said it would suspend investment at its Greek mines and development projects, blaming regulatory hurdles for halting one of the biggest investments in Greece since it sank into a debt crisis.
RBC cut the price target on Enghouse Systems to $60.00 from $62.00
Citigroup raised the price target on Methanex Corp to $50 from $48
Irma pounded heavily populated areas of central Florida on Sunday, but gradually lost strength, weakening to a Category 1 hurricane overnight and is expected to weaken to a tropical storm during the day.
The United States and its allies had been bracing for another long-range missile launch for the 69th anniversary of North Korea's founding on Saturday, but its leader Kim Jong Un hosted a massive celebration instead.
Economically speaking, Canada Mortgage and Housing Corp. says the annual pace of housing starts in August increased compared with July. CMHC says housing starts came in at a seasonally-adjusted annual rate of 223,232 units for August, up from 221,974 in July.
ON BAYSTREET
The TSX Venture Exchange dropped 2.03 points Friday to 772.02
ON WALLSTREET
U.S. stock index futures pointed to a sharply higher open on Monday, as the damage from Hurricane Irma was not as bad as feared.
Futures for the Dow Jones Industrials screamed higher 110 points, or 0.5%, to 21,888. S&P 500 futures gained 11.5 points, or 0.5%, to 2,472.5, while futures on the NASDAQ Composite index jumped 38.75 points, or 0.7%, to 5,963.25
Hurricane Irma, once a Category 5 hurricane, hit the coast of Florida over the weekend. On early Monday, Irma continued to thrash the state, after slamming the Keys, Miami and other areas nearby in recent days. The hurricane has gradually lost strength, however, and has been downgraded to Category 1 as it continues to move its way across land.
Hurricanes have put markets on edge over recent weeks, as investors show signs of unease when it comes to assessing the impact of these natural disasters on certain markets, including insurance and airlines.
Shares of Travelers Cos., Progressive and American International Group rose 2.6%, 1.3% and 1.2% in the pre-market, respectively.
Meanwhile, Delta Air Lines' stock climbed 3.9% while Southwest Airlines rose 1.3%.
Carnival, a cruise line company, also saw its shares advance 2.2%.
Geopolitical tensions are also set to be back on the menu Monday as the United Nations Security Council is expected to vote on Monday on a resolution regarding North Korea.
Tensions between the Asian country and the West have escalated as of late, after North Korea failed to back down on its continuation of missile launches.
Investors were relieved, however, after North Korea's dictator, Kim Jong Un, chose to hold a party over the weekend, instead of opting for another missile launch.
Overseas, markets in Europe were in the black approaching noon local time, while Japan’s Nikkei 225 added 1.4% and the CSI 300 in Shanghai docked 0.34 points
Oil prices gained 22 cents to $47.70 U.S. per barrel.
Gold prices slid $12.80 at $1,338.40 U.S. an ounce.
