Stock futures pointed to a lower start for Canada's main stock index on Friday, as investors took in the latest figures concerning the country's economic growth in November.
The S&P/TSX composite index recovered from a 210-point drop to gain 33.08 points and close Thursday’s trading at 14,635.96. March futures were down 0.5% Friday.
The Canadian dollar tumbled 0.65 cents to 78.60 cents U.S. early Friday.
Bankrupt drug maker Dendreon Corp has reached a stalking-horse deal with Canada's Valeant Pharmaceuticals International to sell the worldwide rights to its cancer vaccine, Provenge, and certain assets for $296 million U.S.
Canadian Imperial Bank of Commerce is trimming its workforce as part of a realignment of its resources to help boost efficiency, the country's fifth-biggest lender said on Thursday.
Canadian Oil Sands Ltd, the largest-interest owner in the Syncrude oil sands project, slashed its dividend and further reduced 2015 capital spending on Thursday as fourth-quarter profit dropped 87% due to lower oil prices.
Paradigm cut the rating on Wilan Inc. to hold from buy, and the price target to $4
Also, Paradigm raised the rating on Blackpearl Resources to buy from hold
On the economic front, Statistics Canada reported this morning that Canada’s gross domestic product eased 0.2% in November, mostly following declines in manufacturing, mining, and oil and gas extraction.
ON BAYSTREET
The TSX Venture Exchange moved to within 0.19 points of breakeven Thursday to 667.11
ON WALLSTREET
U.S. stock futures were sharply lower ahead of the open.
Ahead of the opening bell, futures for the Dow Jones Industrials plummeted 166 points, or 1%, to 17,266. Futures for the S&P 500 slid 18.75 points, or 0.9%, to 1,999.75, and futures for the NASDAQ fell 19.5 points, or 0.5%, to 4,166.25.
Chevron, MasterCard and Mattel are reporting earnings before the opening bell.
Chevron earnings will be a particular focus as investors look for signs of how rock-bottom crude prices are affecting the company's plans. Mattel shares tumbled nearly 5% pre-market after the company said sales and profits fell in the fourth quarter. Barbie sales dropped 12%.
Online retail giant Amazon reported earnings Thursday that beat Wall Street's expectations. Its shares soared by more than 11% in pre-market trading. Google shares were also firmer pre-market.
The University of Michigan will report the final version of its January consumer sentiment index at 9:55 a.m. ET.
European markets opened firmer on Wall Street's gains, but turned lower in morning trade.
Asian markets ended mixed. The Shanghai Composite shed 1.6% and the Hang Seng lost 0.4%. Japan's Nikkei gained 0.4% as the yen weakened.
Oil prices gained 44 cents to $44.97 U.S. a barrel
Gold prices forged ahead $6.60 to $1,261.20 U.S. an ounce.
