Bad news is good news for stocks: What you need to know before markets open – Financial Post

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North American stocks look set for a higher open today, extending gains from Friday after the disappointing U.S. jobs report suggested the Federal Reserve would raise rates just once this year and as crude rallied after a wildfire in Canada hit supplies.

  • Crude prices surged 2.2 per cent to US$45.64, rising for the fourth straight day after three major oil companies warned they would not be able to deliver on some contracts for Canadian crude.
  • Wall Street rebounded from early losses and closed higher on Friday after investors focused on the positive aspects of the April jobs report. Still, a bigger-than-expected drop in China’s imports and exports in April pointed to weak demand and raised concerns about the ability of the world’s second-largest economy to sustain its recent recovery.
  • Valeant Pharmaceuticals International Inc said it expects to file its first-quarter report with U.S. and Canadian regulators on or before June 10, ahead of a July 31 deadline and reiterated its first-quarter forecasts.
  • Canadian housing starts fell by more than expected in April from a month earlier, a report from the national housing agency showed on Monday. The report from the Canadian Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts fell to 191,512 units in April from an downwardly revised 202,375 units in March. Forecasters had expected 195,000 starts.
  • Lending Club fell 15.6 per cent to $5.99 after Renaud Laplanche resigned as CEO and chairman following a board review.
  • Freeport-McMoRan fell 0.3 per cent to $11.75 after the company said it would sell its interest in a copper project in the Democratic Republic of Congo for $2.7 billion.

    © Thomson Reuters 2016