Equities in Toronto looked set to open lower on Friday as emerging market currencies fell on a selloff accelerated by worries surrounding China and U.S. monetary policy.
The S&P/TSX composite index erased 55.23 to close Thursday at 13,932.97. Futures were down 0.5%.
The Canadian dollar poked forward 0.11 cents to 90.18 cents U.S. early Friday
Enbridge CEO Al Monaco said on Thursday that an amendment to the U.S. presidential permit for its Alberta Clipper pipeline, which the company needs to expand the line's capacity, will likely be delayed past a previous target of mid-2014.
CIBC raised the target price on Avigilon to $50 from $32, saying the introduction of a partner loyalty program will lead to 2014 sales beating consensus
RBC raised target price on Barrick Gold to $23 from $20, saying the company's shares should re-rate higher and return to their valuation range prior to the discount created by Pascua-Lama capital escalation and a weak balance sheet
CIBC raised the target price on OpenText Corp to $110 from $95, based on the company's quarterly results beating estimates and its acquisition of GXS
On the economic calendar, Statistics Canada reported that consumer prices –jumped 1.2% in December. On a seasonally adjusted monthly basis, the Consumer Price Index increased 0.2% in December, matching the rise in November.
ON BAYSTREET
The TSX Venture Exchange turned higher 2.84 points Thursday to 983.28
ON WALLSTREET
Friday is shaping up to be another ugly day on Wall Street.
Ahead of the opening bell, futures for the Dow Jones Industrials capsized 87 points, or 0.5%, to 16,064. Futures for the S&P 500 faded 11.1 points, or 0.6%, to 1,813.10, and futures for the NASDAQ demurred 24.25 points, or 0.7% to 3,589.50.
After last year's big rally, investors are looking for signs the economy will be strong enough to keep the bull market going but so far, this earnings season has been less than stellar.
Of the S&P 500 companies, 102 have reported fourth-quarter results, with only 66 beating analysts' estimates, according to S&P Capital IQ. Of the remainder, 26 have missed, and 10 have met expectations.
Xerox shares took a dive after the copy machine company reported declines in quarterly revenue and profit.
Honeywell shares rose after the defense contractor reported a slip in quarterly sales but a surge in net income.
Procter & Gamble shares were slight lower after the consumer goods company reported weak quarterly profit.
Microsoft shares rose following strong quarterly sales and earnings from the tech giant on Thursday.
European markets were all lower morning trading, with benchmark indexes in London, Paris and Frankfurt down more than 1%.
Asian markets ended mixed. The Shanghai Composite notched a 0.6% gain, while markets in Hong Kong and Tokyo posted declines of more than 1%, as China's largest bank faces imminent default.
Oil prices dipped 29 cents to $97.03 U.S. a barrel
Gold prices increased eight dollars to $1,270.30 U.S. an ounce.
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