Futures for stocks in Canada’s largest market rose on Monday, supported by firmer gold prices as worries over mounting coronavirus cases across the world boosted demand for the safe-haven asset.
The S&P/TSX Composite Index remained 15.45 points to close Friday and the week at 16,514.61. On the week, the loss was nearly 30 points, or 0.18%.
The Canadian dollar inched forward 0.12 cents Monday to 75.57 cents U.S.
September futures improved 0.4% Friday.
Huawei Technologies Chief Financial Officer Meng Wanzhou and her lawyers are set to attend hearings in a Canadian courtroom
via telephone on Monday, arguing for the Canadian attorney general to release more confidential documents relating to her arrest.
Scotiabank raised the price target on Pan American Silver to $37 from $30
BMO raised the price target on units of Summit Industrial Income REIT to $13.75 from $11.75
On the macroeconomic front, Statistics Canada reports foreign investors reduced their holdings of Canadian securities by $13.5 billion in June as they divested in both debt and equity securities.
Meanwhile, Canadian investment in foreign securities reached $10.6 billion, led by acquisitions of U.S. equities.
ON BAYSTREET
The TSX Venture Exchange skidded 3.74 points Friday, to 737.65, losing 1.3 points, or 0.18% on the week.
ON WALLSTREET
U.S. stock futures were nearly flat early Monday after Wall Street logged its third consecutive weekly gain, but fell short of breaking the all-time high set on Feb. 19.
Futures for Dow Jones Industrials gained 65 points, or 0.2%, early Monday, to 27,854.
Futures for the S&P 500 grabbed 11.25 points, or 0.3%, at 3,372.75.
Futures for the NASDAQ jumped 76.25 points, or 0.7%, to 11,210.
The S&P 500 climbed 0.6% last week and the NASDAQ advanced 0.1%. The Dow gained 1.8% last week.
Wall Street also grappled with lingering concerns over stalled coronavirus stimulus negotiations and simmering U.S.-China tensions.
Both Democrats and Republicans have indicated they are at a stalemate over a new stimulus package. Democrats have proposed to send more than $900 billion to states and municipalities in one bill. A counteroffer from the GOP did not include any additional aid for states and local governments.
On Friday, President Donald Trump tweeted: “I am ready to send more money to States and Local governments to save jobs for Police, Fire Fighters, First Responders, and Teachers. DEMOCRATS ARE HOLDING THIS UP!”
On the U.S.-China front, Trump issued an executive order on Friday forcing ByteDance to sell or spin off its U.S. TikTok business in 90 days. Trump cited “credible evidence” that ByteDance “might take action that threatens to impair the national security of the United States.”
Trump’s order came as the relationship between both countries continues to deteriorate. The U.S. has criticized China over its initial handling of the coronavirus outbreak.
Overseas, in Japan, the Nikkei 225 dropped 0.8%, while in Hong Kong, the Hang Seng index gained 0.7%.
Oil prices faded eight cents to $41.93 U.S. a barrel.
Gold prices took on $15.30 to $1,965.10.
