Bombardier, Sun Life in Focus
Canada's main stock index futures rose on Monday, lifted by higher oil prices and an improvement in Chinese factory data.
The S&P/TSX Composite Index deducted 34.62 points to finish Friday and the week at 16,544.48. The index hiked 375 points, or 2.32%, on the week.
The Canadian dollar eked up 0.02 cents Monday to 74.72 cents U.S.
September futures gained 0.2% Monday.
French transport infrastructure company Alstom said on Monday that it would take into account Bombardier's weak results earlier this month as it continues with plans to buy the Canadian company's rail business.
BMO raised the price target on Waste Connections to $113 from $106
BMO raised the price target on Sun Life Financial to $61.00 from $56.00
ON BAYSTREET
The TSX Venture Exchange faded 2.13 points by Friday’s close to 739.98, still posting a weekly gain of 18.74 points, or 2.6%.
ON WALLSTREET
U.S. stock futures were flat early Monday morning after President Donald Trump signed several executive orders aimed at extending coronavirus relief.
Futures for Dow Jones Industrials gained 92 points, or 0.3%, early Monday, to 27,425.
Futures for the S&P 500 acquired three points, or 0.1%, at 3,347.75.
Futures for the NASDAQ added 10 points, or 0.1%, to 11,130.25.
Wall Street was coming off a strong weekly performance. The Dow rose 3.8% last week for its biggest weekly gain since June. The S&P 500 climbed 2.5% along with the Nasdaq Composite. Last week’s gains come during a historically tough time for the market as August kicks off the worst three-month stretch for the S&P 500.
Those gains were led in part by Facebook, Apple and Microsoft, all of which rose by more than 3% last week. They also left the S&P 500 just 1.2% below its Feb. 19 record high.
Trump’s orders continue the distribution of expanded unemployment benefits, defer student loan payments through 2020, extend a federal moratorium on evictions and provide a payroll tax holiday.
However, the unemployment benefit will be continued at a reduced rate of $400 per week. Originally, the benefit provided workers impacted by the pandemic with $600 per week.
Trump’s moves come after congressional leaders failed to make progress on a new coronavirus stimulus package last week. Several benefits from a package signed earlier in the year lapsed at the end of July, raising uncertainty about the U.S. economy moving forward.
Overseas, in Hong Kong, the Hang Seng index demurred 0.6%, while markets in Japan were shuttered for holiday.
Oil prices rose 65 cents to $41.87 U.S. a barrel.
Gold prices soared $15.50 to $2,043.50.
