Futures dive on Turkey controversy

Jobs data out

Canada's main stock index futures edged lower on Friday as global stock markets tumbled following a slump in Turkey's currency due to the country's deepening rift with the United States.

The S&P/TSX Composite Index climbed 101.9 points to finish Thursday at 16,416.98

The Canadian dollar swooned 0.21 cents at 76.40 cents U.S. early Friday

September futures slid 0.5% Friday

Bega Cheese Ltd said the Australian competition regulator had approved its purchase of Saputo Inc's dairy processing facility at Koroit in the state of Victoria.

A United States court has approved a request by Canadian gold miner Crystallex to attach shares in a U.S. subsidiary of Venezuelan state oil company PDVSA that indirectly controls refiner Citgo, according to a filing on Thursday.

Desjardins raised the target price on Canadian Tire Corporation to $205 from $200

Canaccord Genuity raised the price target on Brookfield Asset Management to $47.50 from $47

CIBC cut the target price on Information Services Corp. to $19.00 from $21.00

On the economic beat, Statistics Canada said the economy created 54,000 jobs in July, dropping the unemployment rate by 0.2 percentage points to 5.8%.

ON BAYSTREET

The TSX Venture Exchange poked ahead 0.87 points Thursday to 699.69

ON WALLSTREET

U.S. stock index futures fell deep into the red ahead of Friday's open, following negative sentiment in markets overseas.

Futures for the Dow Jones Industrials collapsed 112 points, or 0.4%, to 25,381

S&P 500 futures fell 13.25 points, or 0.5%, to 2,840.50, while futures for the NASDAQ composite plummeted 43.75 points, or 0.6%, to 7,431.75.

Turkish President Recep Tayyip Erdogan told his country "there are various campaigns being carried out" against Turkey, helping send the lira to a fresh all-time low against dollar.

Erdogan made his comments after the U.S. announced on Aug. 1 sanctions on Turkey's justice and interior ministers, prohibiting U.S. citizens from doing business with them. The move by the U.S. comes as Turkey refuses to free Andrew Brunson, an American evangelical pastor that was detained in 2016 on accusations of trying to overthrow the government after a failed coup earlier that year.

The U.S. remains embroiled in a trade dispute with China, meanwhile on Wednesday the States announced that it planned to inflict sanctions on Russia over its alleged chemical poisoning of an ex-spy in England earlier this year.

In economic data, consumer price index figures were due out at 8:30 a.m. ET, followed by the Monthly Treasury Statement at 2 p.m. ET.

Overseas, in Japan, the Nikkei 225 declined 1.3% while in Hong Kong, the Hang Seng index faded 0.8%.

Oil prices gained 48 cents to $67.29 U.S. a barrel.

Gold prices inched up 30 cents to $1,220.20 U.S. an ounce.