Futures pointed to a flat opening for Canada's main stock index on Tuesday as trading resumes after Labour Day holiday and a deal with the United States to revamp the North American Free Trade Agreement remained elusive.
The S&P/TSX Composite Index got pummeled 108.67 points to close Friday, the week and the month of August at 16,262.88
The Canadian dollar plunged 0.44 cents to 75.93 cents U.S. early Tuesday
September futures were up but 0.02% Tuesday
Oxford Properties Group lobbed a last-minute A$3.3-billion bid for Australian office owner Investa Office Fund, edging out an earlier offer from U.S. private equity firm Blackstone Group.
Britain's Royal Mail expanded into the Canadian market on Monday with the purchase of parcel delivery firm Dicom Canada for $360 million, adding to a series of recent bets on markets in Europe and North America.
Cowen and Company raised the price target on Canopy Growth to $74.00 from $56.00
Desjardins cut the target price New Gold to $0.75 from $1.25
U.S. President Donald Trump on Friday notified Congress of his intent to sign a bilateral deal with Mexico, after contentious talks with Canada ended without a deal to revamp NAFTA.
On the economic beat, Markit Canada presents its Purchasing Managers’ Index for August around 9:30 a.m. EDT.
ON BAYSTREET
The TSX Venture Exchange gained 4.29 points Friday to 724.71
ON WALLSTREET
U.S. stock index futures fell on Tuesday as trade tensions between the U.S. and key partners increased to start off the one of the toughest parts of the year for equity investors.
Futures for the Dow Jones Industrials jettisoned 80 points, or 0.3%, to 25,908
S&P 500 futures dropped 4.75 points, or 0.2%, to 2,897.25, while futures for the NASDAQ composite fell 22.75 points, or 0.3%, to 7,638.50
On the earnings front, Workday and Coupa Software are due to publish results after the bell.
Coming up Tuesday, manufacturing purchasing managers' index (PMI) figures are due out at 9:45 a.m. ET, followed by ISM manufacturing data and construction spending, both at 10 a.m. ET.
Last week, the U.S. and Canada failed to secure an agreement to replace the current NAFTA pact by last Friday's deadline. While a deal has been arranged with Mexico, President Donald Trump tweeted over the weekend that there was "no political necessity to keep Canada in the new NAFTA deal."
European equities also fell broadly as trade worries lingered. The Stoxx 600 index dropped nearly 1% while the German Dax pulled back 1.4%.
Overseas, in Japan, the Nikkei 225 eased 0.1% while in Hong Kong, the Hang Seng index hiked 0.9%.
Oil prices gained $1.35 to $71.15 U.S. a barrel.
Gold prices slid $7.60 to $1,199.10 U.S. an ounce.
