Stocks Flat to Start Friday

RBC, Laurentian in Focus

Canada's main stock index was little changed at open on Friday as losses in cannabis stocks countered a broader boost to sentiment from optimistic tones on trade from the United States and China.

The TSX Composite Index docked 8.28 points to begin Friday at 16,990.91

The Canadian dollar gained 0.06 cents to 75.35 cents U.S.

Toronto Dominion Bank has been added to a global list of systemic banks that must hold extra capital with Deutsche Bank dropping a rank, the Financial Stability Board said on Friday.

TD shares fell 30 cents to $76.94.

National Bank of Canada raises the price target on Bank of Montreal to $110.00 from $109.00. BMO shares gained nine cents to $101.27.

National Bank raised the price target on Laurentian Bank to $40 from $38.00. Laurentian shares picked up 16 cents to $46.86.

National Bank also raised the price target on Royal Bank to $117.00 from $111.00. RBC shares acquired 22 cents to $109.38.

On matters economic, Statistics Canada says retail sales ended their win streak at three months, edging down 0.1% to $51.6 billion in September.

The agency went on to say the decline came from lower sales at motor vehicle and parts dealers and gasoline stations. Excluding these two sub-sectors, retail sales rose 0.7%.

ON BAYSTREET

The TSX Venture Exchange inched up five points to 529.08

Six of the 12 Toronto subgroups were higher, with energy inching ahead 0.4%, while real-estate and consumer discretionary each eked up 0.1%.

The five laggards were weighed most by health-care, stumbling 1.8%, consumer staples, down 0.4%, and industrials, docking 0.2%.

Information technology issues were unchanged soon after the opening bell.

ON WALLSTREET

Stocks rose slightly on Friday for the first time in four days after President Donald Trump said China and the U.S. were nearing a trade deal.

The Dow Jones Industrials recovered 81.1 points to 27,847.39.

The S&P 500 regained 7.65 points to 3,111.19. The Dow and S&P 500 were both riding three-day losing streaks coming into the session.

The NASDAQ recouped 20.1 points to 8,526.32.

J M Smucker, Foot Locker and Hibbett Sports are among firms releasing earnings today.

Trump told Fox News both sides were “very close” to reaching a trade agreement, nothing: “We have a very good chance to make the deal.”

His comments came after Chinese President Xi Jinping said Friday that Beijing wants to work for a trade deal with the U.S. but is not afraid to “fight back.” Xi also told a visiting U.S. business delegation that China holds a ‘positive attitude’ toward the trade talks.

On the data front, manufacturing Purchasing Managers’ Index (PMI) and service-sector PMI figures for November rolled in this morning.

Consumer sentiment for November and the latest Kansas City Fed Survey were to follow slightly later in the session.

Prices for the 10-Year U.S. Treasury gained slightly, lowering yields to 1.76% from Thursday’s 1.77%. Treasury prices and yields move in opposite directions.

Oil prices removed 11 cents to $58.47 U.S. a barrel.

Gold prices added $5.40 to $1,469.00 U.S. an ounce.