Canada's main stock index futures pointed to a higher open on Friday, tracking commodity markets, with continued focus on whether the U.S. Federal Reserve will taper its stimulus program as soon as next month.
The S&P/TSX composite index climbed into the green 65.22 points Thursday to 12,704.52. Futures were up 0.2%.
The Canadian dollar dipped 0.17 cents, to 96.87 cents U.S. early Friday
Among individual stocks, RBC cut the rating on Fortress Paper Ltd. to underperform from sector perform, saying the company faces risks from potentially crippling anti-dumping duties that may be imposed by China
RBC cut the target price on NorthWest Healthcare Properties REIT to $13 from $14 following the company's second-quarter results that were much in line with expectations
CIBC cut the rating on Rocky Mountain Dealerships Inc. to sector performer from sector outperformer, expecting that the transition to Tier-4 regulated engine equipment is going to lower customers' demand for new equipment and will negatively impact the company's sales
On the economic ledger, Statistics Canada reported this morning that folks offshore reduced their holdings of Canadian securities by $15.4 billion in June, the largest reduction in nearly six years.
Meanwhile, Canadian investors resumed their acquisition of foreign securities, adding $3.7 billion to their portfolios in June.
The nation’s number crunchers also reported that manufacturing sales declined 0.5% to $48.2 billion during the same month, the fourth decrease in six months,
ON BAYSTREET
The TSX Venture Exchange gained 5.95 points Thursday to 932.10
ON WALLSTREET
It looks like Friday will bring mild relief after a day of hefty stock market losses.
Ahead of the opening bell, futures for the Dow Industrials gained 28 points, or 0.2%, to 15,098. Futures for the S&P 500 took on four points, or 0.2%, to 1,659.70, and futures for the NASDAQ hiked 8.25 points, or 0.3%, at 3,079.25
On Thursday, indexes were dragged down by disappointing earnings from Wal-Mart and Cisco. There is also a growing concern among investors that central banks -- particularly the U.S. Federal Reserve -- will start easing back on their ultra-loose monetary policies sooner rather than later.
It's been a rough week for stocks, stymied by concerns that the government will eventually taper the $85 billion U.S. worth of monthly bond buying that has helped to prop up the economy. The S&P 500 and Dow Jones industrial average have dropped about 2% so far this week and the NASDAQ is down more than 1%.
Dell reported solid quarterly results after the close Thursday, though shares fell slightly in after-hours trading. The company's future is still in limbo as founder Michael Dell attempts to take it private.
Nordstrom shares sank in after-hours trading Thursday after the upscale department store chain offered weak guidance.
Looking ahead to the trading day, investors are waiting on the Census Bureau, which will release data on July housing starts and building permits this morning. Economists surveyed by Briefing.com expect housing starts to have risen in July to an annualized rate of 855,000 and permits to have risen to a rate of 925,000.
European markets suffered alongside U.S. indexes Thursday, and were mostly lower in morning trading on Friday, though the CAC 40 in Paris was little changed.
Asian markets went on a wild ride, triggered by a possible trading error in Shanghai that sent China's marquee index soaring before momentum reversed. The Shanghai Composite index ended with a 0.6% loss. Stocks in Hong Kong were flat and Japan's Nikkei 225 lost 0.8%
Oil prices gained 19 cents to $107.50 U.S. a barrel
Gold prices surged $2.50 to $1,363.40 U.S. an ounce.
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