Canada's resource heavy main stock index looked set to open lower on Friday, as commodity prices fell after euro-zone finance ministers, unimpressed by Greek economic reforms, demanded further measures to sign off on a second bailout package.
The Canadian dollar shed 0.83 cents to 99.67 cents U.S.
In earnings news, Telus Corp. showed a 5% increase in its quarterly earnings, but fell shy of analysts' expectations. Cameco Corp.'s quarterly earnings rose 29%
Other stocks to watch north of the border include base metal miner Inmet Mining, which said its fourth-quarter profit fell 67%, on the back of lower copper and zinc prices.
U.S. index futures were down with about half an hour before markets open, suggesting that stocks will fall at the start of trading. Futures for the Dow Jones industrial average were down 92 points or 0.7% to 12,750. Futures for the S&P 500 were down 13.10 points or 1% to 1,335.20, while the Nasdaq index faded 20.5, or 0.8%, to 2,540.50, reflecting the biggest move of the week, by far.
The slump began overseas. In Europe, the U.K.'s FTSE 100 was down 0.8% and Germany's DAX index was down 1.3% in afternoon trading. In Asia, Japan's Nikkei 225 fell 0.6% in overnight trading.
Blame it on Europe's sovereign-debt crisis. Euro-zone finance ministers have rejected Greece's austerity efforts as incomplete, meaning that some tweaks are in order before the country can receive bailout funds necessary to keep the country from sliding into a messy default. At the same time, though, thousands of protesting Greek workers believe the cuts have gone too far.
In Asia, Japan's Nikkei 225 fell 0.6% in overnight trading, while Hong Kong’s Hang Seng Index dropped 1.1%.
Commodities were down. Crude oil fell 1.5%, to $98.37 U.S. a barrel. Gold fell 1.3% to $1,718 U.S. an ounce.
