Futures signaled a sour start to the week for Canada's resource-heavy stock index as oil prices tumbled after weaker-than-expected Chinese economic data clouded the outlook for the global economy.
Brent crude futures and U.S. West Texas Intermediate crude both fell about 4.9% after data showed China's economy unexpectedly slowed in July, while refinery output slipped to its lowest since March 2020.
Futures on the S&P/TSX index were down 0.5% by 7:23 a.m. ET. The Toronto Stock Exchange's S&P/TSX composite index rose for a third straight day on Friday to end the week 2.8% higher.
Canadian stocks have rallied along with their global counterparts in recent weeks after being hit by geopolitical uncertainty and interest rate hikes aimed at taming soaring inflation.
Dow e-minis were down 142 points, or 0.42% at 07:34 a.m. ET, while S&P 500 e-minis were down 18.5 points, or 0.43% and Nasdaq 100 e-minis were down 34 points, or 0.25%.
Turquoise Hill Resources Ltd rejected an offer by majority shareholder Rio Tinto Ltd, to buy the 49% stake it doesn't already own for $2.7 billion.
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$) (Reporting by Johann M Cherian and Aniruddha Ghosh in Bengaluru; Editing by Vinay Dwivedi)