Canadian stock futures pointed to a lower open as European and Asian equity markets tumbled after an unexpected narrowing in China's trade surplus fueled concerns about global economic growth.
The S&P/TSX Composite index grew 77.09 points to finish Thursday at 11,858.13. Stock futures faded 0.1%.
The Canadian dollar slipped 0.59 cents Friday morning to 100.33 cents U.S.
Magna International Inc, one of the world's biggest auto parts manufacturers, reported a 24% jump in quarterly profit on Thursday and said it was buying the controlling, minority stake in its electric car business.
Stella-Jones Inc. reported a 21% rise in second-quarter profit on strong demand for railway ties.
Calfrac Well Services Ltd reported a second-quarter loss.
Oil and gas whiz Enerplus Corp. said its second-quarter profit fell 63% on weak natural gas prices, but it raised its average production forecast for the year.
Kinross Gold Corp.’s new chief executive laid out a strategy to cut costs on Thursday, but did not provide any clarity on expansion plans for the underperforming Tasiast mine in Mauritania.
On the economic front, Statistics Canada reported this morning that employment in July declined by 30,000, the result of losses in part-time work. The unemployment rate rose 0.1 percentage points to 7.3%.
ON BAYSTREET
The TSX Venture Exchange rocketed up 7.37 points to 1,193.05. The Nasdaq Canada index added 3.13 points to 350.64.
ON WALLSTREET
U.S. stocks were headed for a weak open Friday following disappointing economic data from China that heightened fears about a slowdown in the world's second largest economy.
Futures for the Dow Jones Industrials tumbled 44 points, or 0.3%, to 13,094, about 30 minutes before the opening bell.
Futures for the S&P 500 retreated 6.9 points, or 0.5%, to 1,393.70, and for the Nasdaq, futures capsized 7.50 points, or 0.3%, to 2,710.25
Shares of J.C. Penney tumbled after the department store chain posted a second-quarter loss of $147 million U.S., or 67 cents per share. Analysts were expecting a loss of just 25 cents U.S. per share.
Sales tumbled 23% to $3.02 billion U.S., and revenue at stores opened at least a year dropped 22%, worse than the 18.9% drop in the first quarter. J.C. Penney also withdrew its guidance for the year.
Yahoo's stock was sharply lower after the Web portal company -- in a filing with the Securities and Exchange Commission -- said new CEO Marissa Mayer is reviewing business strategy.
Chinese exports, which had been gaining strength for the past few months, rose just 1% from a year earlier in July, which was well below expectations and down from the 11.3% pace of increase in June. The 4.7% uptick in Chinese imports also fell short of forecasts.
The lackluster data highlighted the fact that Chinese manufacturers are being hit hard by slowing global demand
European stocks were lower in morning trading. Britain's FTSE 100 slipped 0.3%, France's CAC 40 declined 0.8%, and the DAX in Germany lost 0.7%.
Asian markets ended in the red. The Shanghai Composite shed 0.2%, the Hang Seng in Hong Kong lost 0.7% and Japan's Nikkei slid 1%.
Oil for September delivery fell $1.31 to $92.05 U.S. a barrel.
Gold futures for December delivery slipped $8.50 to $1,611.70 U.S. an ounce.
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