Stock futures suggested a lower opening for equities in Toronto on Friday as oil prices fell after a record build in U.S. crude inventories last week stoked concerns over persistent global oversupply.
The S&P/TSX Composite Index moved ahead 64.2 points to close Thursday at 12,931.36. March futures were down 0.5%.
The Canadian dollar moved backward 0.23 cents to 72.64 cents U.S. early Friday.
Fairfax Holdings reported a lower-than-expected quarterly profit, hurt by higher losses on its investments.
KBW cut the target price on Bank of Montreal to $77.00 from $79.00
Barclays raised the target price on Canadian Tire Corp to $143.00 from $140.00 with an overweight rating
National Bank Financial raised the target price on OceanaGold Corp to $3.85 from $3.65
Crude stocks rose by 2.1 million barrels to a peak of 504.1 million, data from the U.S. government's Energy Information Administration (EIA) showed on Thursday.
On the economic front, Statistics Canada reported that the consumer price index rose 2.0% in the 12 months to January, after increasing 1.6% in December. On a seasonally adjusted monthly basis, the Consumer Price Index increased 0.2% in January, following a 0.1% increase in December.
Moreover, retail sales fell 2.2% in December to $43.2 billion, following a 1.7% rise in November. Declines were widespread as lower sales were reported in 10 of 11 sub-sectors, representing 97% of retail trade.
The agency reported that later snowfalls and unseasonably warm weather in many parts of Canada may have contributed to lower seasonal purchases.
ON BAYSTREET
The TSX Venture Exchange vaulted 7.84 points Thursday to 525.88
ON WALLSTREET
U.S. stock futures are moving back ahead of the open.
Ahead of the opening bell, futures for the Dow Jones Industrials subsided 50 points, or 0.3%, to 16,341, futures for the S&P 500 slid 5.75 points, or 0.3%, to 1,910.75. NASDAQ futures fell 12.75 points, or 0.3%, to 4,142.25.
Shares of Nordstrom are slumping in early trading after the retailer reported worse-than-expected quarterly results.
Deere and retail conglomerate VF Corp will post their quarterly results ahead of the open. VF Corp owns brands including The North Face, Timberland and 7 for All Mankind.
On the economic front, the U.S. Bureau of Labor Statistics will release inflation data for January this morning. If the figure indicates inflation is heading toward 2%, it could boost the odds of another interest rate hike from the Federal Reserve in March.
European markets aren't making any big moves in early trading, while Asian markets ended the week with mixed results.
Oil prices doffed 48 cents to $30.29 U.S. a barrel
Gold prices skidded $1.97 to $1,228.90 U.S. an ounce.
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