Nov 24 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Monday, following gains in global markets as risk appetite improved on prospects of further policy stimulus in China.
China’s leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses.
December futures on the S&P TSX index were up 0.30 percent at 7:30 a.m. ET.
No major Canadian economic events are scheduled.
The Toronto Stock Exchange’s S&P/TSX composite index rose to its highest level in nearly two months on Friday as investors cheered a move by China to cut interest rates and signs that the European Central Bank might step up asset purchases.
Dow Jones Industrial Average e-mini futures were up 0.18 percent at 7:30 a.m. ET, while S&P 500 e-mini futures were up 0.22 percent and Nasdaq 100 e-mini futures were up 0.27 percent.
Canadian department store operator Hudson’s Bay Co outlined a $1.25 billion refinancing plan, in a move to reduce debt taken on when it acquired U.S. rival Saks last year.
Canadian buyout firm Onex Corp said it would buy Swiss packaging group SIG Combibloc Group AG for up to 3.57 billion euros.
COMMODITIES AT 7:30 a.m. ET
Gold futures : $1,194.40; -0.28 pct
US crude : $76.17; -0.44 pct
Brent crude : $79.94; -0.52 pct
LME 3-month copper : $6,683; -0.62 pct
ANALYST RESEARCH HIGHLIGHTS
Bank of Montreal : KBW raises price target to C$86 from C$84; rating “market perform”
B2Gold Corp : Raymond James cuts target price to C$3.25 from C$3.75; rating “outperform”
Concordia Healthcare Corp : Canaccord Genuity raises target price to C$55 from C$42
U.S. ECONOMIC DATA DUE ON MONDAY
0830 National Activity Index for Oct: Prior 0.47
0945 Markit Composite Flash PMI for Nov: Prior 57.20
0945 Markit Services PMI Flash for Nov: Expected 56.8; Prior 57.1
1030 Dallas Fed Mfg Business Index for Nov: Prior 10.50
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory
$1= C$1.12 Reporting by Nikhil Kumar in Bangalore
Our Standards: The Thomson Reuters Trust Principles.