Futures pointed to a lower opening for Canada's main stock index on Friday as oil prices fell after Saudi Arabia and Russia hinted that two of the world's biggest producers would increase output.
The S&P/TSX Composite Index boosted 63.14 points to end Thursday at 16,328.96
The Canadian dollar fell 0.13 cents to 76.18 cents U.S. early Friday
June futures were down 0.2% Friday
Eight Capital raised the target price on Nevsun Resources to $5.00 from $4.75
Desjardins cut the price target on Transat AT to $15.00 from $18.00
On the economic ledger, Statistics Canada reported manufacturing sales fell 1.3% to $56.2 billion in April, following two consecutive monthly increases. Sales in the petroleum and coal products and transportation equipment industries accounted for much of the decrease in April. Excluding these two industries, manufacturing sales rose 0.4%.
The agency also stated that foreign investment in Canadian securities totaled $9.1 billion in April, up from $6.4 billion in March. At the same time, Canadian investors reduced their holdings of foreign securities by $652 million, on large sales of US shares.
The Canadian Real Estate Association (CREA) was also due out Friday morning with national home sales for May.
ON BAYSTREET
The TSX Venture Exchange regained 1.09 points Thursday to 761.26
ON WALLSTREET
U.S. stock index futures fell on Friday after the Trump administration said it will impose a 25% charge on $50 billion in Chinese goods.
Futures for the Dow Jones Industrials tumbled 157 points, or 0.6%, to 25,048
S&P 500 futures dipped 10.75 points or 0.4%, to 2,777.75, while futures for the NASDAQ composite index gave back 17.75 points, or 0.2%, to 7,293.50
In earnings, Canada Goose is scheduled to publish its latest corporate results.
In a statement Friday, President Donald Trump said the measures would affect Chinese goods "that contain industrially significant technologies," without specifying those products. He added that the action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices."
Switching focus, a slew of economic data are due. At 8:30 a.m. ET, the Empire State manufacturing survey was due out, followed by industrial production at 9:15 a.m. ET, consumer sentiment at 10 a.m. ET and Treasury International Capital figures, out at 4 p.m. ET.
Friday also marks Quadruple Witching Day, where volatility is likely as stock index futures, stock index options, stock options, and single-stock futures expire.
In Japan, the Nikkei 225 gained 0.5% Friday, while in Hong Kong, the Hang Seng Index removed 0.4%. European bourses came under pressure, too.
Oil prices lost 20 cents to $66.69 U.S. per barrel.
Gold prices slid $7.20 to $1,301.10 U.S. an ounce.
