U.S. stock futures were pointing to a lower open.
On Friday, the S&P/TSX Composite Index edged down 22.69 points or 0.16 percent to 13799.12, after advancing to a high of near 14,000 on Monday.
The price of crude oil eased near $108 Monday morning amid demand worries after Saudi Arabia, the world top oil producer, said it had slashed output by 800,000 barrels per day in March due to oversupply. Traders viewed Saudi’s move as a sign of a well-supplied market, despite recent chaos in the Middle-East.
Also, a hike in reserve requirements by Chinese banks weighed on oil prices. Crude for May was down $1.36 to $108.30 a barrel.
The price of gold was steady above $1,480 amid lingering worries over the euro zone debt situation and inflation. Gold for June edged down $3.50 to $1,482.50 an ounce.
U.S. financial company Citigroup Inc. (C) reported that its first-quarter net income dropped to $3.0 billion from $4.43 billion last year. For the quarter earnings were $0.10 per share, compared to analysts estimate for earnings of $0.09 per share for the quarter.
In corporate news from Canada, base-metals miner Capstone Mining (CS.TO) said it would acquire Far West Mining (FWM.TO) by way of a court-approved plan of arrangement for about C$725 million.
Bombardier Inc. (BBD_A.TO, BBD_B.TO) said it’s transport segment, Bombardier Transportation bagged $867 million orders from DB Regio AG for the supply of diesel locomotives.
Apparels maker Gildan Activewear (GIL.TO) announced that it had completed the acquisition of 100 percent of the capital stock of Gold Toe Moretz Holdings Corp. for about $350 million.
Food products company Loblaw Companies (L.TO) Friday said it is voluntarily recalling Everyday Essentials Tea Lights Unscented 100 Pack because they may pose a safety hazard.
Health benefit management company NexgenRx Inc. (NXG.V) reported a narrower full year 2010 net loss of C$807,000 or C$0.02 per share, compared to C$2.04 million or C$0.05 per share for the year-ago period.
Magma Energy (MXY.TO) said it’s wholly-owned subsidiary Magma Energy Sweden AB would divest 25 percent stake in Icelandic geothermal power company HS Orka to a group of local pension funds for $71.5 million.
In economic news, the number of Canadians receiving regular employment insurance benefits continued to fall in February. Statistics Canada said 628,900 people were getting Employment Insurance (EI) benefits, down 8,300, or 1.3 percent, from January. This represents a fifth consecutive monthly decrease.
