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Stocks up as Gold Gains Overcome Oil Weakness

Futures for Canada's main stock index were slightly higher on Monday, as gains in gold prices on global growth worries offset a pullback in oil prices.

The S&P/TSX hung onto gains of 41.34 points to close Friday and the week at 16,899.69, stronger on the week by 217 points, or 1.3%

The Canadian dollar docked 0.11 cents to 75.32 cents U.S. early Monday

September futures crept up 0.04% early Monday.

Brookfield Asset Management and Dubai's Meraas Holding have agreed to form a joint venture valued at five billion dirham to own and operate Meraas' retail assets.

UBS raises target price on MEG Energy to $6 from $5.50

TD Securities initiates Leagold Mining with 'buy' rating, and a $4.50 target price

Scotiabank raised the target price on Loblaw to $78.00 from $69.00

On the economic front, Statistics Canada reported wholesale sales rose for a second consecutive month in July, up 1.7% to $65.4 billion. This is the sixth increase in the first seven months of 2019.

ON BAYSTREET

The TSX Venture Exchange spiked 6.23 points to 590.45, which enabled the index to finish the week 1.29 points over the previous Friday, or 0.22%

ON WALLSTREET

U.S. stock index futures indicated a slightly lower open Monday as weak data out of Europe stoked worries over the global economy.

Futures for the Dow Jones Industrials fell 35 points, or 0.1%, early Monday to 26,859

Futures for the S&P 500 dipped one point at 2,988.50

NASDAQ Composite futures inched up three points to 7,833.50

Cantel Medical and NETSOL Technologies are among the firms reporting earnings Monday

Manufacturing activity in Germany fell to its lowest level since the financial crisis this month, data from IHS Markit showed. Germany's services sector also grew at its slowest pace in nine months. Overall, manufacturing in the euro zone fell to a more than six-year low while services grew at is slowest pace in eight months.

Entering Monday's session, the Dow and S&P 500 were more than 1% from their all-time highs. The NASDAQ Composite was 2.7% away.

Overseas, in Japan, markets were closed for holiday Monday, while in the Hong Kong, the Hang Seng index eased 0.8%

Oil prices sank six cents to $58.03 U.S. a barrel.

Gold prices popped $10.20 to $1,525.30 U.S. an ounce.

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