Canadian stocks looked set to open lower on Friday, with investors worried about the risk that a U.S. budget showdown will shut down the federal government and potentially lead to a debt default next month.
The S&P/TSX composite index inched up 4.91 points to end Thursday at 12,841.62, with futures down 0.2%.
The Canadian dollar eased 0.09 cents to 96.89 cents U.S. early Friday
Shares of BlackBerry Ltd were being closely watched after the smartphone maker, as previously warned, reported a nearly $1-billion quarterly loss on Friday. The stock was up slightly in pre-market trade.
Enbridge Inc. said on Thursday it will build and operate a new 40,000-barrel-per-day line from the Japan Canada Oil Sands Ltd Hangingstone oil sands project in northern Alberta to Enbridge's Cheecham terminal.
Ithaca Energy Inc. said CEO Iain McKendrick was stepping down due to personal reasons.
ON BAYSTREET
The TSX Venture Exchange gained 0.43 points Thursday to 948.13
ON WALLSTREET
Markets could start Friday in the red and close out the week with a loss as uncertainty over the economic impact of political squabbling in Washington continues to worry investors.
Ahead of the opening bell, futures for the Dow Jones Industrials swooned 56 points, or 0.4%, to 15,205. Futures for the S&P 500 eased 7.5 points, or 0.4%, to 1,685, and futures for the NASDAQ faded 13 points, or 0.4%, to 3,213.
Investors continue to fret over how Washington will deal with a possible government shutdown and a debt ceiling that could keep the government from paying its bills.
Many expect Congress will strike a last-minute deal to raise the debt limit, allowing the government to keep paying for things such as Medicare and the military. However, the uncertainty has kept the markets in check.
Blackberry, which announced plans this week to go private, is set to release quarterly results before the opening bell. The stock fell 6% before the bell.
Nike shares jumped 6% in pre-market trading following quarterly results that beat expectations.
J.C. Penney shares sank 7% in pre-market trading following news that the struggling retailer is planning a public offering of 84 million shares.
European markets were drifting lower in midday trading.
Asian markets closed higher Friday after China announced that it’s establishing a free-trade zone in Shanghai, driving up the shares of companies with Shanghai in their names. The Nikkei 225 dipped lower while Chinese indexes edged up.
Oil prices dipped 31 cents to $102.72 U.S. a barrel
Gold prices increased $14.70 to $1,338.80 U.S. an ounce.
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