Futures pointed to a slightly higher opening for equity markets in Canada’s largest centre on Friday amid a rise in oil prices and in reaction to monthly inflation data.
The S&P/TSX Composite Index took on 56.89 points to close Thursday at 15,935.37
The Canadian dollar eked up 0.06 cents at 78.38 cents U.S. Friday morning.
December futures improved but 0.1% Friday.
TransCanada Corp Thursday shut part of its Keystone oil pipeline system after a 5,000-barrel leak in South Dakota, four days before neighbouring Nebraska was set to decide on the company’s long-delayed Keystone XL pipeline.
National Bank of Canada upped the rating on Great-West Lifeco to outperform from sector perform
CIBC started coverage on Teck Resources with an outperform rating and a $38 price target
On the economic beat, Statistics Canada reported that October’s inflation numbers appeared in line with expectations, as October Consumer Price Index rose 1.4% on a year-over-year basis in October, following a 1.6% increase in September. On a seasonally-adjusted monthly basis, CPI was up 0.2% in October, matching the increase in September.
Experts say October’s number will likely give the Bank of Canada room to take its time raising interest rates after two back-to-back hikes earlier this year.
ON BAYSTREET
The TSX Venture Exchange squeezed upward 0.74 points to end Thursday 792.36
ON WALLSTREET
U.S. stock index futures pointed to a weaker open Friday, as investors geared up for the final cluster of economic data and corporate earnings for the week.
Futures for the Dow Jones Industrials faded 11 points, or 0.1%, to 23,413
S&P 500 futures were unchanged to 2,585, while futures on the NASDAQ Composite index improved eight points, or 0.1%, to 6,349
Looking ahead to today's session, Foot Locker, Abercrombie & Fitch and Buckle are set to report earnings before the bell.
Another batch of economic data is set to be released Friday. First off, housing starts and building permits were due out before the bell, and then the Kansas City Fed manufacturing survey is set to be published at 11 a.m. ET.
U.S. Republicans in the House of Representatives passed a bill to cut taxes on businesses and individuals on Thursday, with the tax reform plan receiving 227 votes in favour, beating the 205 votes that voted against.
If the bill does end up becoming law, it would cut the corporate tax rate from 35% to 20% without delay.
Tax reform will now look towards the Senate, where the Finance Committee is expected to vote on Friday.
Overseas, European stocks were under slight pressure approaching noon on the continent, while Japan’s Nikkei 225 gained 0.2%, and in Hong Kong, the Hang Seng Index popped 0.6%.
Oil prices moved up 82 cents to $55.96 U.S. per barrel.
Gold prices gained $3.90 to $1,282.10 U.S. an ounce.
