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TSX to Open Unchanged on Approaching Trade Deal
Canada’s main stock index futures stayed flat on Monday, ahead of the imminent signing of a preliminary Sino-U.S. trade deal.
The TSX Composite Index finished Friday lower by 1.08 points to 17,234.49, but enjoyed a gain on the week of nearly 1%.
March futures were flat early Monday.
The Canadian dollar gained 0.14 cents to 76.67 cents U.S. early Monday.
Maple Leaf Foods CEO Michael McCain criticized the U.S. government for escalating tensions in the Middle East, after an Iranian missile accidentally shot down a Ukrainian airliner killing 176 people onboard, including an employee’s family.
CIBC raised the rating on Canfor Corp. to outperform from neutral
CIBC raised the rating on Cascades to outperform from neutral
CIBC cut the rating on West Fraser Timber to neutral from outperform
ON BAYSTREET
The TSX Venture Exchange jumped 4.68 points to 582.35 on Friday, but lost 0.87% on the week
ON WALLSTREET
U.S. stock index futures rose Monday to start off the week amid optimism around U.S.-China trade relations.
Read: 2019 Big for Magic Mushrooms and 2020 Should be Bigger
Futures for the Dow Jones Industrials acquired 86 points, or 0.3%, early Monday to 28,863.
Futures for the S&P 500 gained 10.5 points, or 0.3%, at 3,275.25.
Futures for the NASDAQ Composite picked up 37.5 points, or 0.4%, to 9,015.75.
Tesla shares rose 1.9% in the pre-market after an analyst at Oppenheimer hiked his price target on the stock to $612 per share from $385 per share.
The analyst said Tesla’s “risk tolerance ... and larger ambition than peers are beginning to pose an existential threat to transportation companies that are unable or unwilling to innovate at a faster pace.”
Investors are monitoring U.S.-China trade as a Chinese delegation is due to travel to Washington, D.C., Monday for the signing of the so-called phase one trade deal on Wednesday. The deal is expected to lower tariffs on some Chinese-made goods, as well as increase China’s purchases of U.S. agricultural products.
Overseas, in Hong Kong, the Hang Seng Index popped 1.1%, while in Japan, markets were closed for holiday.
Oil prices lost four cents to $59.00 U.S. a barrel.
Gold prices slumped $4.90 to $1,555.20 U.S. an ounce.
