Canadian stocks are poised for a weak open Monday as commodities moved lower along with falling euro and equity markets, while the U.S dollar strengthened versus a basket of currencies. A recent batch of downbeat manufacturing data out of Europe and China continued to weigh on trader sentiment, with most Asian markets settling lower overnight.
Meanwhile, European shares were lingering in the red following weak economic data from Germany and on reports of differences between Germany and France over plans to monitor Europe's crisis-hit banks.
U.S. stock futures were pointing to a lower open.
On Friday, the S&P/TSX Composite Index extended losses for a second session, dipping 25.64 points or 0.21 percent to 12,383.60.
The price of crude oil was moving lower Monday morning as risk appetite waned amid falling euro and equity markets. Crude for November lost $1.16 to $91.73 a barrel.
The price of gold was moving lower Monday morning as the U.S. dollar was recovering from its recent losses versus a basket of currencies ahead of this week's economic data. Gold for December shed $16.80 to $1,761.20 an ounce.
In corporate news from Canada, international pharmaceutical company Valeant Pharmaceuticals International Inc. (VRX.TO) has acquired Visudyne, used to treat abnormal growth of leaky blood vessels in the eye caused by wet age-related macular degeneration, from QLT Inc. (QLT.TO) for about $62.5 million
Full-service investment dealer Canaccord Financial Inc. (CF.TO) said it would acquire the wealth management business of Eden Financial Ltd., a boutique UK private client investment management business for about 12.8 million pounds
Asian based financial services firm Sunwah International Ltd. (SWH.TO) reported a wider fourth quarter net loss of $7 million or $0.0760 per share compared to last year's net loss of $4.7 million or $0.0525 per share.
Bio-pharmaceutical company Medicure Inc.(MPH.V) announced its board approval for a consolidation of its common shares on the basis of fifteen pre-consolidation shares for each one post-consolidation share.
In economic news from the euro zone, German business sentiment declined for the fifth consecutive month in September, survey results from Ifo Institute revealed. The business climate index fell to 101.4 from 102.3 in August. The index was forecast to remain unchanged at 102.3. The index for current situation dropped to 110.3 in September from 111.1. Economists had forecast a reading of 111. Likewise, the gauge of executives' expectations dropped to 93.2 from 94.2, and well below the consensus forecast of 95.
by RTT Staff Writer
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