Futures for Canada’s main stock index rose on Monday, as oil prices spiked to their highest since 2008 with the United States and Western allies weighing a ban on imports of Russian oil, while delays in talks with Iran also fueled supply concerns.
On Friday, the TSX Composite Index leaped 152.02 points to close at 21,402.43.
The Canadian dollar inched back 0.04 cents to 78.59 cents U.S.
March futures added 0.2% ahead of Monday trading.
U.S. Secretary of State Antony Blinken said on Sunday that the U.S. and European allies were exploring banning imports of Russian oil.
CIBC raises target price on Artis REIT to $13.5 from $12.5
National Bank of Canada cut the rating on Bank of Montreal to sector perform from outperform.
CIBC cut the target price on Sleep Country Canada Holdings to $39.00 from $47.00
ON BAYSTREET
The TSX Venture Exchange lost 2.06 points Friday to 847.24.
ON WALLSTREET
U.S. equity futures fell Monday morning as U.S. oil prices briefly jumped to their highest level since 2008 amid the ongoing war between Russia and Ukraine.
Oil stocks rose in premarket trading alongside the price of oil. Phillips 66 rose 3% and Baker Hughes added 3.6%. Valero Energy and ConocoPhillips rose 2% each.
Secretary of State Antony Blinken said Sunday that the U.S. and its allies are considering banning Russian oil and natural gas imports in response to the country’s attack on Ukraine.
Still, bank stocks were among the biggest early losers, with Citigroup down 3.9% and U.S. Bancorp down nearly 3% as economic pressure weighed on the financial sector.
One of the big winners on the morning was Bed, Bath & Beyond, which soared more than 75% premarket after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.
A quieter week of earnings is on deck. Some big tech names like Oracle, CrowdStrike and DocuSign are scheduled to report. Rivian Automotive, Ulta Beauty and Bumble will also report.
In Japan, the Nikkei 225 slid 2.9%, while the Hang Seng index in Hong Kong withered 3.9%.
Oil prices jumped $4.97 to 120.65.
Gold prices hiked $24.60 to $1,991.20.