Futures Move Higher on Vaccine Hope

Constellation, Paramount in Vogue

Futures for equities in Canada’s largest market edged up on Friday as optimism over progress in a possible COVID-19 vaccine offset concerns over rising global infections and signs of a stalling economic recovery.

The TSX finished in the green 45.63 points to end Thursday at 16,501.03, after beginning the day down 150 points.

The Canadian dollar strengthened 0.21 cents early Friday to 75.80 cents U.S.

December futures inched up 0.1% Friday.

CIBC raised the target price on Constellation Software to $1,865.00 from $1,750.00

National Bank of Canada raised the rating on Paramount Resources to sector perform

National Bank of Canada cut the rating on Storm Resources to sector perform from outperform

On the economic slate, Statistics Canada revealed non-resident investors acquired $15.5 billion of Canadian securities in August, largely purchases of debt securities.

At the same time, Canadian investors increased their holdings of foreign securities by $5.7 billion, led by acquisitions of U.S. shares.

Manufacturing sales fell 2.0% to $52.4 billion in August, following three consecutive months of strong increases.

ON BAYSTREET

The TSX Venture Exchange lost 6.26 points Thursday to 727.38.

ON WALLSTREET

Stock futures were slightly higher on Friday as stocks attempt to snap a three-day losing streak.

Futures for the Dow Jones Industrials jumped 66 points, or 0.2%, to 28,452.

Futures for the S&P 500 acquired 7.25 points, or 0.2%, at 3,482.75.

Futures for the NASDAQ Composite leaped 55.75 points, or 0.5%, to 11,929.75.

Stock futures were slightly higher on Friday as stocks attempt to snap a three-day losing streak.

Those gains also came after Europe’s aviation regulator said Boeing’s 737 Max jet is safe to fly again. Boeing shares rose 3.8% in the premarket.

Investors were also awaiting the latest retail sales data for some direction.

Retail sales data, due Friday at 8:30 a.m. ET, will offer an update on the recovery in consumer spending. Economists polled by Dow Jones expect retail sales to rise by 0.7% in September, following a 0.6% rebound in August. Excluding autos, sales were expected to rise by 0.4%.

Lawmakers in Washington continued to send mix signals about progress toward a stimulus deal. Treasury Secretary Steven Mnuchin said Thursday that the White House won’t let differences over funding targets for Covid-19 testing derail stimulus talks with top Democrats.

Later, President Donald Trump said that he would raise his offer for a stimulus package above his current level of $1.8 trillion. House Democrats have passed a $2.2-trillion bill.

Overseas, in Japan, the Nikkei 225 doffed 0.4% Friday, while in Hong Kong, the Hang Seng index gained 0.9%.

Oil prices faded 37 cents to $40.59 U.S. a barrel.

Gold prices hiked $4.40 to $1,913.30.