Futures Up on Oil Prices, Inflation Data

Corus, Rogers in Focus

Futures for Canada's main stock index were higher on Friday ahead of inflation data, supported by gains in energy shares as oil prices rose.

The S&P/TSX Composite Index slumped 125.77 points to conclude Thursday at 15,404.13

The Canadian dollar tallied 0.26 cents to 76.72 cents U.S. early Friday

December futures gained 0.2% Friday

Corus Entertainment's quarterly profit beat estimates on Friday, helped by lower restructuring and broadcasting costs.

Rival Rogers Communications Inc reported a 17 percent rise in quarterly profit on Friday, helped by growth in its wireless and cable businesses.

RBC raised the price target on Canadian Pacific Railway to $331.00 from $329.00

Goldman Sachs raised the rating on Imperial Oil to buy from sell.

On the economic calendar, Statistics Canada’s Consumer Price Index (CPI) rose 2.2% year over year in September, following a 2.8% increase in August.

On a seasonally adjusted monthly basis, the CPI was down 0.1% in September, after rising 0.1% in August.

Elsewhere, retail sales declined 0.1% to $50.8 billion in August, following a 0.2% increase in July. Sales were down in seven of 11 sub-sectors in August, representing 52% of retail trade.

ON BAYSTREET

The TSX Venture Exchange fell 2.66 points Thursday to 690.46

ON WALLSTREET

U.S. stock index futures pointed to a higher open on Friday as Wall Street tried to rebound from steep losses in the previous session.

Futures for the Dow Jones Industrials sprang up 107 points, or 0.4%, to 25,488, as shares of Procter & Gamble surge in the pre-market.

S&P 500 futures restored 10.25 points, or 0.4%, to 2,782.56, while futures for the NASDAQ composite picked up 45 points, or 0.6%, to 7,182.75

This morning’s rise in futures follows a selloff on Wall Street in the previous trading session, adding to already steep losses for the month of October. On Thursday, the Dow dropped more than 300 points, following a plunge in Chinese equities. The Dow and S&P 500 have fallen more than 4% each in October, while the NASDAQ is down nearly 7%.

Overnight, China said its economy grew by 6.5% in the third quarter, missing expectations. Chinese equities surged, however, as officials took steps to support the market, and that was helping sentiment in the U.S.

History shows that, when stocks plunge in China, the U.S. market is rarely immune as large exporters suffer.

The recent moves come as investors pore through a slew of corporate earnings reports. On Friday, Dow-member Procter & Gamble posted better-than-expected earnings, sending the stock up 4.1%. Honeywell and Schlumberger also reported better-than-forecast profits.

American Express, PayPal and Sketchers all posted Thursday after the close earnings that topped analyst expectations.

The corporate earnings season is off to a strong start. With more than 15% of S&P 500 companies having reported, 83% have topped analyst expectations

In economic data, existing home sales figures are scheduled for release at 10 a.m. ET.

Overseas, in Japan, the Nikkei 225 retreated 0.6% Friday, while in Hong Kong, the Hang Seng index gained 0.4%.

Oil prices added 64 cents to $69.29 U.S. a barrel.

Gold prices gained $1.90 to $1,232 U.S. an ounce.