Futures linked to Canada's main stock index fell on Friday, as gold sank on expectations that U.S. President Donald Trump would nominate a more hawkish Federal Reserve Chair and oil retreated on easing supply disruption concerns in Iran.
The TSX index lost 159.94 points to wrap up Thursday at 33,016.13.
March futures sank 1% Friday.
The Canadian dollar backtracked 0.16 cents to 73.95 cents U.S.
Speculation that the next Fed Chair would be more hawkish than current Chair Jerome Powell intensified after Trump's meeting with former Fed Governor Kevin Warsh at the White House on Thursday.
Warsh has been critical of Fed policy under Powell and said earlier that the central bank needs a "regime change".
Meanwhile, Trump, in a post on social media, threatened the decertification of Bombardier Global Express business jets and 50% import tariffs on all aircraft made in Canada, until the country's regulator certified a number of planes produced by the Canadian jet maker's U.S. rival Gulfstream.
On the economic beat, Statistics Canada reported November GDP came in essentially unchanged.
ON BAYSTREET
The TSX Venture Exchange let go of 39.81 points, or 3.5%, Thursday to 1,108.29.
ON WALLSTREET
Stock futures fell Friday, a day after the S&P 500 posted a second consecutive losing session, but trimmed declines after President Donald Trump nominated Kevin Warsh to succeed Jerome Powell as Federal Reserve chair.
Futures for the Dow Jones Industrials stumbled $221.00 points, or 0.4%, to 48,949.
Futures for the broader index lost 33.50 points, or 0.5%, at 6,959.25.
Futures for the NASDAQ slid $153.50 points, or 0.6%, to 25,845.50.
Warsh’s selection was likely to ease concern about Fed independence because of his experience as a Fed governor and strong stance at times against inflation.
While he is likely to push for lower rates in short term as Trump wants, the financial markets view him as someone who wouldn’t always follow the president’s direction and maintain credibility for monetary policy.
Apple shares inched lower even after the company beat fiscal first-quarter earnings and revenue expectations, aided by a significant surge in iPhone sales.
Data storage stock Sandisk popped 19% on the back of strong guidance. KLA Corp lost more than 8% after guidance for non-GAAP gross margin in the fiscal third quarter came in light.
Markets in Japan eased off 0.1% Friday, while the Hang Seng in Hong Kong declined 2.1%.
Oil prices dipped 19 cents to $65.23 U.S. a barrel.
Gold prices withered $244.80 to $5,073.80 U.S an ounce.
