(UPDATES MACROECONOMIC FIGURES FROM STATSCAN)
Stock futures pointed to a higher opening for Canada's main stock index on Friday, with investors digesting the country's gross domestic product data for April to gauge the health of the economy.
The S&P/TSX Composite Index was negative 51.36 points to close Thursday at 16,179.89
The Canadian dollar inched higher 0.08 cents to 75.52 cents U.S. early Friday
June futures galloped 0.4% Friday
Markets in Canada will be closed Monday for the Canada Day holiday
A Minnesota regulator on Thursday approved a certificate of need for Enbridge to rebuild its Line 3 oil pipeline, angering environmentalists but offering hope to Western Canadian oil producers that have struggled to move crude oil to refiners.
CIBC starts coverage on Canadian Utilities with a neutral rating
TD Securities cut the rating on Great Canadian Gaming to hold from buy
On the economic front, Statistics Canada reported that real gross domestic product edged up 0.1% in April as 12 of 20 industrial sectors increased.
After a decline in January, GDP has risen every month since the beginning of 2018.
The agency’s Industrial Product Price Index increased 1.0% in May, mainly due to higher prices for energy and petroleum products.
The Raw Materials Price Index rose 3.8% in May , primarily due to higher prices for crude energy products.
Elsewhere, sources say Canada will hit back against U.S. tariffs on its steel and aluminum by offering affected companies and workers up to $800 million in aid.
ON BAYSTREET
The TSX Venture Exchange poked ahead 0.51 points Thursday to 737.41
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Friday, but were still headed for weekly losses as the underlying market sentiment was soured by anxiety over global trade frictions.
Futures for the Dow Jones Industrials leaped 119 points, or 0.5%, to 24,339
S&P 500 futures gained 11.25 points, or 0.4%, to 2,730.75, while futures for the NASDAQ composite index took on 27.5 points, or 0.4%, to 7,088
Bank shares moved higher before the bell after announcing buybacks and dividend hikes following the Federal Reserve's annual stress test. Bank of America, Citigroup and J.P. Morgan Chase all rose at least 1% before the bell. Wells Fargo surged 3.6%.
Nike shares jumped 9.3% in the pre-market after reporting quarterly earnings and revenue that beat expectations.
Despite the gains before the bell, however, the major indexes were on track to close lower for the week as initial U.S. and Chinese tariffs are due to take effect next week. President Donald Trump’s administration is set to activate tariffs on Chinese goods worth around $34 billion on July 6, which is then widely expected to trigger a tit-for-tat response from Beijing.
One source was quoted as saying that Trump has repeatedly told top White House officials that he wants the U.S. to withdraw from the World Trade Organization.
Personal income data for May is scheduled to be released at around 8.30 a.m. ET, with a final reading of consumer sentiment data for June due later in the session.
In Japan, the Nikkei 225 gained 0.2% Friday. In Hong Kong, the Hang Seng index popped 1.6%.
Oil prices eked up three cents to $73.48 U.S. per barrel.
Gold prices improved $1.80 to $1,252.80 U.S. an ounce.
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