June futures on the S&P/TSX index were down 1.4% at 6:49 a.m. ET.
Crude oil slipped and prices of industrial metals were weaker as major consumer China tightened COVID-19 curbs in its two biggest cities, while gold fell more than 1% on a more hawkish outlook for Federal Reserve policy tightening. [O/R][GOL/]
Data for Canada's March building permits is due at 8:30 a.m. ET.
The Toronto Stock Exchange's S&P/TSX composite index ended 0.3% lower on Friday at 20,633.28, its lowest closing level since Jan. 27. The benchmark index also recorded its sixth straight week of declines. [.TO]
Dow e-minis were down 519 points, or 1.58% at 6:49 a.m. ET, while S&P 500 e-minis were down 77.75 points, or 1.89% and Nasdaq 100 e-minis were down 288.25 points, or 2.27%. [.N]
TOP STORIES [TOP/CAN]
First Quantum Minerals said on Sunday its board has approved plans for a $1.25 billion expansion of the company's Kansanshi copper mine in Zambia, first floated in January 2020, a decision the miner said was prompted by "renewed confidence" in Zambia's investment climate.
Canada's Commissioner of Competition intends to oppose Rogers Communications Inc's proposed C$20 billion ($16 billion) merger with Shaw Communications Inc, the companies said in a statement early Saturday.
ANALYST RESEARCH HIGHLIGHTS [RCH/CA]
Canadian Natural Resources: Credit Suisse raises target price to C$93 from C$85
Fortis Inc: Veritas Research raises to buy from reduce
Kinaxis Inc: ATB Capital Markets raises target price to C$210 from C$200
COMMODITIES AT 7:00 a.m. ET
Gold futures: $1858.6; -1.29% [GOL/]
US crude: $107.29; -2.34% [O/R]
Brent crude: $110.02; -2.08% [O/R]
U.S. ECONOMIC DATA DUE ON MONDAY
1000 Employment Trends for April: Prior 120.56
1000 Wholesale inventory, R mm for March: Expected 2.3%; Prior 2.3%
1000 Wholesale sales mm for March: Prior 1.7%
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
(Reporting by Amal S in Bengaluru; Editing by Aditya Soni)