Futures for equities in Canada’s biggest centre inched up on Friday, after U.S. President Donald Trump said he would meet China's Xi Jinping in a move to reach a trade deal, overshadowing muted economic data from Europe and Asia.
The S&P/TSX Composite Index gained 56.05 points to close Thursday and the month of January at 15,540.60, a jump on the month of more than 1,200 points since the calendar year began.
The Canadian dollar poked up 0.09 cents at 76.05 cents U.S. early Friday
March futures eked up 0.1% Friday.
Teck Resources said on Thursday it expects fourth-quarter profit to be significantly below market estimates, hurt mainly by "disappointing" business at its energy and Trail operation units.
CIBC cut the rating on Advantage Oil & Gas to neutral from outperform.
CIBC cut the rating Cenovus Energy to neutral from outperform.
National Bank of Canada raised price target on Eldorado Gold to $8.00 from $4.75.
Markit Manufacturing Purchasing Managers Index data is due at 9:30 a.m. ET.
ON BAYSTREET
The TSX Venture Exchange rallied 7.52 points, or 1.2%, on the day to 622.72, making for a year-to-date gain of 65 points.
ON WALLSTREET
U.S. stock index futures pointed to a mixed open on Friday, as investors await the release of the closely watched monthly nonfarm payrolls report.
Futures for the Dow Jones Industrial Average slid 21 points, or 0.1%, to 24,955
Futures for the S&P 500 fell six points, or 0.2%, to 2,698.50
NASDAQ futures moved lower 42 points, or 0.6%, to 6,872.75
Gains in January usually translate into a positive year for stocks. Since 1950, the S&P 500 has ended a calendar year higher 87% of the time when January ends up being a positive month, according to the Stock Trader’s Almanac.
Economists expect the U.S. economy to have added 170,000 jobs in January. The report comes after data released Wednesday by ADP and Moody’s Analytics showed private payrolls increased by 213,000 jobs last month. Investors will be watching Friday’s jobs report for clues about the state of the U.S. economy.
Wall Street also digested key earnings from companies like Amazon and Merck. On Thursday, Amazon reported better-than-expected earnings and revenue for the fourth quarter.
However, the company issued weaker-than-expected revenue guidance for the first quarter and warned about increasing investments. These concerns pushed Amazon shares down by 4.3%. Merck, meanwhile, posted a better-than-expected profit and revenue, but its shares fell 0.6% before the bell.
Exxon Mobil, Chevron, and Merck will be out with quarterly earnings this morning, along with Honeywell, Illinois Tool Works, Johnson Controls, and KKR.
Money managers are also keeping an eye on trade talks between China and the United States. Both negotiating teams have said they made "important progress."
Overseas, in Japan, the Nikkei 225 edged up 0.1% Friday, while in Hong Kong, the Hang Seng index dipped more than 11 points.
Oil prices dipped seven cents to $53.72 U.S. a barrel.
Gold prices gained 60 cents to $1,325.80 U.S. an ounce.
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