Futures for Canada's main stock index were lower on Friday, as oil prices fell on expectations that the Organization of the Petroleum Exporting Countries will raise output to counter shrinking exports from Iran after sanctions imposed by the United States.
The S&P/TSX Composite Index fell 10.42 points to close Thursday at 16,576.10
The Canadian dollar ditched 0.03 cents to 74.15 cents U.S. early Friday
June futures slumbered 0.1% Friday.
Saputo has reportedly purchased the Australian cheese business of Japan's Kirin Holdings for about $179 million.
The outgoing chief executive of Suncor Energy on Thursday urged the new Alberta government to find a way out of mandatory oil production cuts that were imposed this year to help boost crude prices.
CIBC raised the price target on CGI Inc. to $100.00 from $92.00
RBC raised the price target on Canadian Utilities to $37.00 from $35.00
Morgan Stanley cut the price target on Rogers Communications to $71.00 from $76.00
ON BAYSTREET
The TSX Venture Exchange gained 0.63 points Thursday to 608.87
ON WALLSTREET
U.S. stock index futures were lower on Friday as market participants digested another deluge of corporate earnings while awaiting key U.S. economic data.
The Dow Jones Industrial Average backpedaled 56 points, or 0.2%, to 26,384
Futures for the S&P 500 dropped three points, or 0.1%, at 2,923.25
NASDAQ futures gained eight points, or 0.1%, to 7,806.50
Dow member Exxon Mobil fell more than 2.5% in the pre-market after reporting quarterly earnings per share that badly missed analyst expectations. Intel, another Dow component, fell more than 7% after the company issued light revenue guidance for the year.
Other companies that reported between Thursday afternoon and Friday morning include Ford Motor, Mattel, Starbucks and American Airlines.
Market focus is also largely attuned to economic developments, amid speculation that figures later in the session could show the U.S. economy outperforming the rest of the developed world.
A string of robust numbers for the world’s largest economy has prompted analysts to revise up their forecasts for expansion and the latest Reuters poll is for annualized growth of 2%.
Official U.S. Gross Domestic Product data is expected to be published at around 8:30 a.m. ET, with consumer sentiment figures for April set to follow slightly later in the session.
Overseas, in Japan, the Nikkei 225 slipped 0.2% Friday, while in Hong Kong, the Hang Seng Index gained 0.2%.
Oil prices retreated $1.39 to $63.82 U.S. a barrel.
Gold prices moved forward $2.10 to $1,281.80 U.S. an ounce.
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