(MENAFN- Baystreet.ca) Futures for Canada's main stock index rose on Monday, as hopes that the U.S. and China might sign a trade deal later this month lifted oil prices.
The TSX Composite Index hiked 110.91 points to close Friday at 16,594.07, a gain on the week of 189 points, or 1.16%,
The Canadian dollar lowered 0.06 cents to 76.04 cents U.S. early Monday
December futures gained 0.5% early Monday.
RBC cuts target price on Aecon Group to $20.00 from $22.00
RBC raised the target price on Kinaxis to $110.00 from $95.00
National Bank of Canada raised the target price on TCP Energy to $67.00 from $66.00
ON BAYSTREET
The TSX Venture Exchange gained 3.12 points on Friday to 541.49, taking the sting out of a weekly loss of 4.93 points, or 0.9%
ON WALLSTREET
U.S. stock index futures rose Monday, boosted by optimism around a potential U.S.-China trade deal.
Futures for the Dow Jones Industrials vaulted 138 points, or 0.5%, early Monday to 27,397, pointing to a new record open.
Futures for the S&P 500 gained 15.5 points, or 0.5%, at 3,078.75, following Friday's record close.
NASDAQ Composite jumped 56.25 points, or 0.1%, to 8,216.50, after the index also enjoyed a record close on Friday.
Meanwhile, the corporate earnings season has largely been better than expected. In all 75% of the 360 S&P 500 companies that have reported have surpassed analyst expectations.
Under Armour posted Monday quarterly numbers that topped analyst expectations. However, the stock fell more than 11% in the pre-market after the company cut its 2019 revenue forecast, citing lower inventories and problems around its direct-to-consumer channels.
Uber Technologies and Shake Shack are among the companies set to report after the close Monday.
U.S. Commerce Secretary Wilbur Ross said Sunday that American firms would be granted licenses to sell to Chinese telecom giant Huawei 'very shortly.' Ross' comments came after China said Friday it reached a consensus with the U.S. in principle following trade talks last week.
China and the U.S. have been engaged in a trade war for more than a year, but expectations for a deal being signed have increased recently.
Last month, President Donald Trump said both sides had come to a 'very substantial phase one' trade agreement that is expected to be signed later in November.
Overseas, in Hong Kong, the Hang Seng Index gained 1.7%, while in Japan, markets were closed for holiday.
Oil prices gained 64 cents to $56.84 U.S. a barrel.
Gold prices improved 90 cents to $1,512.30 U.S. an ounce.
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