(MENAFN - Baystreet.ca) Canada's main stock index futures rose on Monday, as oil prices gained on concerns of possible supply disruptions in the Gulf region following Iran's seizure of a British tanker last week.
The S&P/TSX Composite Index lost 8.29 points to conclude Friday at 16,485.94. The index fell for the week 2.18 points.
The Canadian dollar stepped back 0.12 cents to 76.53 cents U.S. early Monday
September futures increased 0.1% Monday.
Australian cobalt developer Jervois Mining says it will take over eCobalt Solutions after shareholders of the Canadian company voted in favour of the deal
British hedge fund Odey Asset Management said it intends to vote, on behalf of its clients, in favour of Barrick Gold's final offer to buy out its fellow shareholders in Acacia Mining.
RBC raised the price target on Equitable Group to $96.00 from $84.00
RBC raised the price target on Intact Financial to $135.00 from $122.00
On the economic front, Statistics Canada reported wholesale sales were down 1.8% in May to $63.8 billion, following five consecutive monthly increases.
The agency also says lower sales were reported in six sub-sectors, accounting for 86% of total wholesale sales.
The TSX Venture Exchange added 3.93 points to conclude Friday at 591.96, a gain on the week of 15.93 points, or 2.8%
U.S. stock index futures rose on Monday ahead of a big week for earnings. The gains came even as expectations of aggressive policy easing from the Federal Reserve dampen.
Futures for the Dow Jones Industrials took on 57 points, or 0.2%, to 27,187.
Futures for the S&P 500 picked up eight points, or 0.3%, at 2,985
NASDAQ futures hiked 32.25 points, or 0.4%, to 7,875
More than a quarter of the S&P 500 reports earnings this week including so-called FANG names Facebook, Alphabet and Amazon, along with blue chips like McDonald's and Boeing. For second-quarter earnings reported so far, 79% of S&P 500 companies have topped earnings results.
So far, more than 15% of the S&P 500 has posted quarterly results. Of those companies, 78.5% have topped analyst expectations for earnings while 67% have reported better-than-expected quarterly revenues.
Stocks struggled last week, posting their biggest weekly decline since May as investors digested the first batch of corporate earnings reports and signals on potential Fed policy moves.
Market focus is heavily attuned to the U.S. central bank as hopes of a 50-basis-point cut to interest rates at its Federal Open Market Committee meeting wane. A Wall Street Journal report on Friday suggested a more cautious 25 basis point cut is likely following comments from several senior Fed officials.
Market expectations for a 25-basis-point rate cut later this month are at 75.5%. Meanwhile, traders are also pricing in a 24.5% chance of a 50 basis-point cut.
Overseas, in Japan, the Nikkei 225 index subsided 0.2% Monday, while in the Hong Kong, the Hang Seng index dipped 1.4%,
Oil prices gained 61 cents to $56.24 U.S. a barrel.
Gold prices nicked up 10 cents to $1,426.80 U.S. an ounce.