Futures Dawdle Monday


Stock futures are pointing to a lower open for Canada's main stock index on Monday, as crude prices slipped on weak China export data.

The TSX Composite Index jumped 142.05 points to end Friday and the week at 16,996.97. On the week, the index lost 43 points, or 0.25%, however. The Canadian dollar shed 0.01 cents U.S. to 75.46 cents early Monday

December futures were down 0.1% Monday.

Mexico would accept a U.S. demand on steel in the United States-Mexico-Canada Agreement if the rule took effect at least five years after the trade pact's ratification, Mexican Foreign Minister Marcelo Ebrard said on Sunday.

Canopy Growth Corp named Chairman David Klein as it its chief executive officer, firming up the control of major shareholder Constellation Brands. Institutional Shareholder Services said on Friday it recommends shareholders vote against a plan by the chairman of Hudson's Bay Co to take the Saks Fifth Avenue owner private after the bid was topped by an offer from Catalyst Capital Group.

JPMorgan raised the price target on MEG Energy to $7.00 from $6.00. Jefferies cut the rating on Roots Corp. to hold from buy. On the economic slate, Statistics Canada said building permits decreased 1.5% to $8.3 billion in October. The agency said declines were reported in five provinces, with the largest decrease in British Columbia (-21.2% to $1.3 billion).

Canada Mortgage and Housing Corporation reported that housing starts in Canada were 219,047 units last month, compared to 218,253 units in October, according to Canada Mortgage and Housing Corporation.
This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.

ON BAYSTREET

The TSX Venture Exchange regained 0.71 points Friday to 537.82, for a gain on the week of 6.1 points, or 1.2%.

ON WALLSTREET

U.S. stock index futures were slightly lower on Monday. Futures for the Dow Jones Industrials docked 17 points, or 0.1%, Monday to 27,997. Futures for the S&P 500 erased 2.25 points, or 0.1%, at 3,143.75

The NASDAQ Composite lost nine points, or 0.1%, to 8,391.25. In corporate news, Thor Industries will report earnings before the opening bell. Toll Brothers, Vail Resorts, and Chewy are among some of the companies scheduled to release their latest quarterly results after market close. No major economic data are scheduled for Monday.

Overseas, in Japan, the Nikkei 225 gained 0.3% Monday, while in Hong Kong, the Hang Seng Index dropped three points.
Oil prices dipped 56 cents at $58.64 U.S. a barrel. Gold prices gained two dollars to $1,467.10 U.S. an ounce.


Sign Up

Get the InvestingChannel
Free e-Letter Today

Learn More

Independent market opinion, analysis and ideas - delivered every business day

Premium market opinions, analysis, and ideas - delivered every business day

Editor's Picks