Gains in crude prices pushed futures for Canada’s main stock index higher on Monday although recession fears continued to weigh on sentiment.
Canada’s competition bureau said that Rogers Communications and Shaw Communications have agreed to start a mediation process to overcome the agency’s anti-trust controversy posed by Rogers’ $20-billion acquisition of Shaw.
Major U.S. indexes struggled much of the day to sustain momentum from last week’s rally. Many analysts on Wall Street hope that this means markets could have found a bottom. This week, traders are in for a slew of key economic reports and earnings that may sway markets and put to bed any hope of a comeback.
Today in the Markets
The Canadian dollar traded for 77.62 cents US compared to 77.49 cents US on Friday.
US crude futures traded 1.96 per cent higher at $109.70 a barrel, while the Brent contract gained 1.79 per cent to $115.10 a barrel.
The price of gold was down US$7.66 US to $1,823.33.
In world markets, the Nikkei was up 379.30 points to 26,871.27the Hang Seng was up 510.46 points to 22,229.52, the FTSE was up 51.15 points to 7,259.96, and the DAX was up 67.94 points to 13,186.07.
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