Canadian stocks are poised for a lower open Monday amid falling commodities and weak cues from the global equity markets. Global stocks suffered losses amid renewed concerns over the euro zone debt situation after Greece and its creditors failed to come up with an agreement on a debt swap.
Meanwhile, EU leaders and finance ministers are set to meet in Brussels today. The informal meeting will discuss the steps to be taken by the EU in order to overcome the current debt crisis and tackle its consequences.
U.S. stock futures were pointing to a lower open.
On Friday, the S&P/TSX Composite Index edged up 2.18 points or 0.02 percent to 12,466.50.
The price of crude oil was lingering below the $100-mark Monday morning amid renewed concerns over the euro zone debt situation. Crude for March was down $0.42 to $99.14 a barrel.
The price of gold was leveling off from its seven-week high Monday morning as the euro fell back and European shares came under pressure on euro zone debt issues. Gold for April, the most actively traded contract, lost $4.90 to $1,730.50 an ounce.
In corporate news from Canada, communication products and network solutions provider RuggedCom Inc. (RCM.TO) said it would be acquired by Siemens for C$33.00 per share in cash, or a total transaction value of nearly C$382 million. The offer price represents just over 25 percent premium to the latest closing price of C$26.25.
Bank of Montreal (BMO.TO) said that it adopted IFRS effective November 1, 2011, and will present its financial statements prepared in accordance with IFRS when the bank reports its first quarter results on February 28, 2012. meanwhile, adjusted net income for fiscal 2011 of C$3.275 billion, as derived from IFRS results, was C$6 million lower than the previously reported adjusted net income of C$3.281 billion as derived from Canadian GAAP results.
International pharmaceuticals company Valeant Pharmaceuticals International (VRX.TO) said it has withdrawn its offer to acquire ISTA Pharmaceuticals Inc. (ISTA) for $7.50 per share in cash.
Renewable energy and utility company Algonquin Power & Utilities (AQN.TO) announced that it would not proceed with its previously announced $83 million investment in First Wind Holdings, LLC's wind portfolio in the North East United States.
In economic news from south of the border, the U.S. Commerce Department said personal income increased $61.3 billion in December, a 0.5 percent increase over November levels. While most economists had expected a relatively robust increase in personal incomes, the market consensus had pegged it as a 0.4 percent increase. However, consumer spending dipped unexpectedly in December, falling less than 0.1 percent.
Elsewhere, euro zone economic confidence improved in January, posting the first increase in sentiment since March 2011, a survey by the European Commission showed. The corresponding indicator rose to 93.4 from 92.8 in December. Economists had forecast an increase to 93.8 from December's original score of 93.3.
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