Futures tracking Canada’s main stock index inched higher on Monday as oil prices recovered from a seven-day losing streak, but gains were capped by concerns around slowing global economic growth.
The TSX/S&P Composite gained 123.66 points to close Friday at 20,339.02. However, it was still a rough week, with a loss of 187 points, or 0.87%.
The Canadian dollar leaped 0.52 cents to 78.48 cents U.S.
September futures moved forward 0.1-% Monday
On a day without macroeconomic figures on which to dwell, Pfizer said it would buy shares of Trillium Therapeutics that it does not already own in a deal that values the cancer drugs developer at $2.26 billion.
Brookfield Infrastructure Partners has won enough shareholder backing to push ahead with its $8.6-billion takeover of Inter Pipeline Ltd, Bloomberg News reported on Friday, citing people familiar with the matter.
TD Securities raises the rating on Airboss of America to buy from hold.
Credit Suisse raised the target price on Hydro One to $33 from $32
JP Morgan cut the rating on TC Energy to neutral from overweight.
The TSX Venture Exchange regained 3.35 points Friday to 864.51, but handed back 58.5 points on the week, or 6.3%.
Stock futures were higher in early trading Monday following a volatile week on Wall Street as investors eye a key event where the Federal Reserve could hint at prospects for tapering stimulus.
Futures for the Dow Jones Industrials heightened 163 points, or 0.5%, to 35,220.
Futures for the S&P 500 picked up 15.75 points, or 0.4%, to 4,452.50.
Futures for the NASDAQ Composite Index jumped 44.5 points, or 0.3%, to 15,131.25.
Major averages are coming off a losing week as investors grew worried that the Fed’s potential move to pull back monetary stimulus could slow down the economic recovery that is already challenged by the spread of the delta COVID-19 variant.
For the month of August, major benchmarks are poised to post modest gains. The S&P 500 is up 1.1% month to date, while the blue-chip Dow has gained 0.5% and the NASDAQ has climbed 0.3%.
Traders are eagerly awaiting the Jackson Hole symposium for clues on the Fed’s timeline for dialing back its $120 billion a month bond-buying program. The event takes place virtually on Thursday and Friday. The Fed previously was going to conduct the event in a mixed virtual and live presentation, but decided Friday to go all virtual in light of the rising virus risk.
Overseas, in Japan, the Nikkei 225 index popped 1.8%, while in Hong Kong, the Hang Seng index vaulted 1.1%.
Oil prices recouped two dollars to $64.14 U.S. a barrel.
Gold prices acquired $9.30 to $1,793.30 U.S. a pound.