Canadian stocks may struggle to move higher Monday amid mixed commodities and weak cues from the global equity markets. While most Asian markets ended lower, European shares were lingering in the red ahead of a European Union summit this week where Greek leaders will attempt to renegotiate some terms of the country's international bailout.
U.S. stock futures were pointing to a lower open.
On Friday, the S&P/TSX Composite Index snapped its two-day losing streak to add 27.23 points or 0.24 percent to 11,435.54.
The price of crude oil moved lower as Tropical Storm Debby changed its course, leaving the oil producing states of Louisiana and Texas unscathed Crude for July shed $0.83 to $78.93 a barrel.
The price of gold was little changed Monday morning as the U.S. dollar was steady ahead of this week's economic data. Gold for August edged up $4.60 to $1,571.50 an ounce.
During this week traders' focus will be on the U.S Commerce Department's new homes sales report for May, the National Association of Realtors' pending home sales index for May, the Conference Board's consumer confidence index for June and the weekly jobless claims data, the results of the ISM-Chicago's manufacturing survey for June, the Commerce Department's personal income and spending report for May and the durable goods orders report for May.
In corporate news from Canada, smartphone maker Research In Motion Ltd. (RIM.TO) is planning to split its business into two by separating its handset division from its messaging network, and spinning off the handset division to Amazon, Inc. (AMZN) or Facebook, Inc. (FB), according to media reports on Sunday.
Energy company Lundin Petroleum AB (LUP.TO) said it secured a fully committed 7-year senior secured revolving credit facility of $2.5 billion, in order to adjust to its financing needs.
In economic news from the U.S., a report on new home sales is due out at 10.00 am ET. Economists expect the sales to come in at 350,000, up from last month's 343,000.
by RTT Staff Writer
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