Toronto's main stock index was set to open higher on Monday as commodity prices rose on hopes that Europe will unveil fresh measures to tackle the region's growing debt crisis.
Canadian stocks to watch this morning include uranium whiz Cameco Corp., which said it is backing out of a bidding war for Hathor Exploration after Anglo-Australian miner Rio Tinto sweetened its bid to $654 million.
Bombardier Inc. said its train unit received a contract to make railway equipment for India's Mumbai Railway Vikas Corp.
The Canadian dollar climbed to 97.78 U.S. cents.
Stronger-than-expected U.S. retail sales and rumours of imminent aid for Europe's indebted countries lifted global stocks in a broad wave.
Dow futures were 249 points, or 2.2%, higher at 11,436 before the New York Stock Exchange opened for business. S&P 500 futures rose 33 points, or 2.9%, to 1,186.4.
Britain's FTSE 100 gained 2.1%, France's CAC 40 surged 3.7% and Germany's DAX rose 3.3%.
Mining and energy companies gained with commodities after U.S. holiday sales climbed to a record, rising at the fastest rate since 2007 and raising hopes for economic growth.
Japan's Nikkei gained 1.6%, while Hong Kong's Hang Seng rose 2%.
Banks gained after draft guidelines showed that the European Financial Stability Facility may insure the bonds of troubled countries with guarantees of 20-30% of each issue. Finance ministers will discuss the recommendations this week.
The euro rose after German Finance Minister Wolfgang Schaeuble called for tighter budget discipline and as speculation mounted that policy makers are planning to provide more aid for Italy.
Italian newspaper La Stampa said the International Monetary Fund is preparing a 600-billion-euro loan for Italy, a report that the IMF denied.
Gold rose $27.70 to $1,716.20 U.S. an ounce.
Crude gained $3.07, trading at $99.84 U.S. a barrel.
