June 22 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Monday, lifted by a wave of optimism after a new Greek offer for a cash-for-reforms deal.
The new offer raised hopes of an agreement as euro zone leaders prepared for an emergency summit on Monday, with EU officials welcoming the proposals as a “good basis for progress” to avert a default by Athens.
September futures on the S&P TSX index were up 0.31 percent at 7:15 a.m. ET.
No major economic events are scheduled for the day.
Canada’s main stock index fell to its lowest close since mid-January on Friday as disappointing domestic retail sales data added to the market’s anxiety over the Greek debt crisis.
Dow Jones Industrial Average e-mini futures were up 0.71 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.75 percent and Nasdaq 100 e-mini futures were up 0.84 percent. (Morning News Call newsletter link.reuters.com/nex49s; The Day Ahead newsletter link.reuters.com/mex49s)
Telus Corp and Rogers Communications Inc are looking to acquire wireless telecommunications provider Mobilicity, and the Canadian government is expected to approve a deal with one of the suitors, the Globe and Mail reported, citing copies of two opinion letters obtained from Industry Canada.
U.S. hedge fund Livermore Partners is pushing for change at Canadian energy producer Zargon Oil and Gas Ltd, calling for cost reductions, a dividend cut and an improvement in production.
The head of Fairfax Financial Holdings, which bet on the success of a turnaround in Greece last year, urged the country to reach a deal with its counterparts in the euro zone on Friday and remain a part of the currency bloc.
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,194.7; -0.6 pct
US crude : $60.39; +0.74 pct
Brent crude : $63.85; +0.6 pct
LME 3-month copper : $5,667.50; -0.1 pct
ANALYST RESEARCH HIGHLIGHTS
Orosur Mining : Cantor raises target price to 33P from 32P
U.S. ECONOMIC DATA DUE ON MONDAY
0830 National Activity Index for May: Prior -0.15
1000 Existing home sales for May: Expected +5.26 mln; Prior +5.04 mln
1000 Existing home sales pct change for May: Expected +4.4 pct; Prior -3.3 pct
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TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory
$1= C$1.22 Reporting by Nandi Kaul in Bengaluru; Editing by Maju Samuel
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