Canadian Stock Futures Flat as Wall Street Awaits Fed Signals

Canadian stock futures opened the week with minimal movement on Monday, following a strong gain in the prior session. The TSX Composite Index added 347.89 points, or 1%, on Friday, closing at 35,502.65, though it remained down 482 points, or 1.3%, for the week. The Canadian dollar held steady at 70.15 cents U.S., while December futures also saw no change early Monday.

In corporate news, Suncor Energy agreed to sell its interests in three offshore oil assets to Ithaca Energy for $1.2 billion in cash. Meanwhile, Cenovus Energy announced plans to acquire Athabasca Oil in a cash-and-stock deal valuing the company at $5.7 billion.

On Wall Street, stock futures declined slightly as traders focused on U.S. Treasury yields and global oil prices ahead of the Federal Reserve’s upcoming meeting minutes. Futures for the Dow Jones, S&P 500, and NASDAQ Composite each dropped by around 0.1%. Investors also awaited the Institute for Supply Management’s services activity report.

Global markets showed mixed movements, with Japan’s Nikkei 225 rising 2.4% and Hong Kong’s Hang Seng gaining 0.3%. Oil prices dipped 99 cents to $90.12 per barrel, while gold prices surged $27.00 to $4,189.30 per ounce.