Canada's main stock index inched higher at the open on Monday, boosted by gains in the financials sector as a Reuters poll showed the Bank of Canada may hike its key interest rate once more later this year.
The S&P/TSX Composite Index gained 18.73 points to begin the week at 16,086.98
The Canadian dollar dropped 0.1 cents at 75.18 cents U.S.
Canaccord Genuity raised the target price on Air Canada to $45.00 from $40.00. Air Canada lost seven cents to $33.93.
JP Morgan raised the price target on Emera to $45.00 from $43.00. Emera took on 20 cents to $47.21.
National Bank of Canada cut the target price on Ritchie Bros. Auctioneers to $35.00 from $37.00. Ritchie shares tumbled 77 cents, or 1.6%, to $48.33
ON BAYSTREET
The TSX Venture Exchange lopped off 0.4 points to 624.76
All but three of the 12 TSX subgroups were higher, as industrials strengthened 1.3%, financials picked up 0.7%, and information technology took on 0.6%.
The three laggards were energy, slumping 1%, gold, down 0.8%, and materials, eking back 0.01%.
ON WALLSTREET
Stocks rose on Monday as trade talks between China and the U.S. neared the finish line, increasing expectations that a deal between the two countries could be on the horizon.
The Dow Jones Industrial Average acquired 31.71 points to 26,058.03, as Caterpillar and Apple outperformed.
The S&P 500 forged ahead 5.38 points to 2,809.07, led by the industrials and tech sectors.
The NASDAQ Composite was up 22.03 points to 7,617.38
Monday's gains come after the S&P 500 closed at its highest level since Nov. 8, retaking the closely watched 2,800 level.
U.S. stocks have been on fire this year, with the S&P 500 rising more than 11% in that time period through Friday's close.
Media reports circulated that U.S.-China trade negotiations are in the "final stages" as the two sides prepare for a possible summit at Mar-a-Lago at the end of March. If a deal is reached, the U.S. could roll back tariffs on at least $200 billion in Chinese goods while China would remove or cut industry-specific levies like those on autos.
However, the U.S. wants the ability to re-impose levies on Chinese goods if talks fail on enforcement mechanisms on intellectual property theft and related matters. According to sources, this is not sitting well with the Chinese.
Shares of global trade bellwethers Caterpillar, Boeing and Deere were all up.
Prices for the benchmark 10-year U.S. Treasury gained a slight bit of ground, lowering yields to 2.75% from Friday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices took on 99 cents to $56.79 U.S. a barrel.
Gold prices slouched $13.20 to $1,286 U.S. an ounce.
