Futures pointed to a higher opening for Canada's main stock index on Monday as oil prices edged up, after slipping nearly 2% last week.
The S&P/TSX Composite Index slouched 155.28 points, or 1.1%, to end Friday and the week at 14,595.07
The Canadian dollar inched 0.03 cents at 74.67 U.S. early Monday
December futures were up 0.3% Monday.
The Wall Street Journal reported that a Glencore-controlled mining company and some of its current and former executives have agreed to pay more than $22 million to settle Canadian allegations they hid the risks of doing business with an Israeli close to Congolese President Joseph Kabila
Zambia’s labour minister said First Quantum Minerals plans to lay off more than 1,000 workers at Zambia's Kalumbila copper-nickel mine when the government hikes taxes in January
RBC raised the rating on Superior Plus Corp. to outperform from sector perform".
On the economic slate, Statistics Canada said foreign investment in Canadian securities totaled $4.0 billion in October, down from $7.8 billion in September. At the same time, Canadian investment in foreign securities increased to $14.9 billion, the largest investment since January 2018.
The Canadian Real Estate Association said home sales via Canadian MLS® Systems fell by 2.3% in November 2018, adding to the decline in October of 1.7%. While the number of homes trading hands is still up from its low point in the spring, it remains below monthly levels posted from 2014 through 2017.
ON BAYSTREET
The TSX Venture Exchange lost 1.58 points Friday to 555.38.
ON WALLSTREET
Futures pointed to a slightly negative start for Monday’s open after all three major U.S. indexes closed in correction territory for the first time since March 2016 in the prior trading session.
Futures for the Dow Jones Industrial Average dropped 82 points, or 0.3%, to 24,046
Futures for the S&P 500 dipped 5.75 points, or 0.2%, to 2,599.75,
NASDAQ futures faltered 12.5 points, or 0.2%, to 6,610.
HEICO and Oracle Corporation are among the companies reporting earnings Monday.
Recent economic data have reignited worries of economic slowdown around the globe and kept a lid on stock returns. Stocks fell Friday to some of their lowest closing levels since April — after China reported industrial output and retail sales growth numbers for November that missed expectations.
The latest economic data offered yet another hint that Beijing’s economy may be decelerating amid rising trade risks as President Xi Jinping tries to broker a permanent truce with President Donald Trump.
Investors are also on edge ahead of the December meeting of the Federal Reserve’s policymaking arm. The Federal Open Market Committee is expected to hike its benchmark overnight lending rate for a fourth and final time of 2018 this week.
Overseas, in Japan, the Nikkei 225 gained 0.6% Monday, while in Hong Kong, the Hang Seng index subtracted 6.81 points
Oil prices gained 36 cents to $51.56 U.S. a barrel.
Gold prices added two dollars to $1,243.40 U.S. an ounce.
