Futures for Canada's main stock index rose on Friday as oil prices recovered, but sentiment remained fragile on worries over the COVID-19 pandemic and ahead of U.S. inflation data which could set the course for the Federal Reserve's interest rate hikes.
The S&P/TSX Composite tumbled 151.86 points to conclude the Thursday session at 20,925.49
Futures eked up 0.2% Friday.
The Canadian dollar dipped 0.04 cents to 78.65 cents U.S. early Friday.
CIBC raised the target price on Altus Group to $73.00 from $63.00
JP Morgan cut the rating on B2Gold to underweight from neutral
JP Morgan cut the rating on Stelco Holdings to neutral from overweight
The Bank of Canada will reportedly leave its inflation target at 2% in a framework renewal, shunning a major shift in monetary policy
strategy similar to the one adopted by the Federal last year.
Canada’s Energy Regulator said on Thursday oil output in Canada, the world's fourth-largest producer, will climb over the next decade and peak at 5.8 million barrels per day (bpd) in 2032, seven years sooner than previously forecast.
ON BAYSTREET
The TSX Venture Exchange lopped off 14.52 points, or 1.6%, Thursday to 910.15.
ON WALLSTREET
Stock futures rose Friday as investors braced for an inflation report that is expected to show prices at their highest level in nearly 40 years.
Futures for the Dow Jones Industrials gained 78 points or 0.2%, to 35,738.
Futures for the S&P 500 added 13.75 points, or 0.3%, to 4,673.50.
Futures for the NASDAQ jumped 31 points, or 0.2%, to 16,182.50.
Oracle shares soared, gaining more than 11% pre-market, a day after beating earnings on the top and bottom lines.
Southwest Airlines dropped 2.5% in pre-market trading following another downgrade on Wall Street, this time from Goldman Sachs. The industry has been deemed susceptible to inflation risk, and Alaska Air Group also was off Friday, falling 2.7%.
Interactive fitness company Peloton added to its woes, dropping 2.7% premarket after tumbling 11.3% on Thursday. Credit Suisse cut its view on the company, saying a return to gyms and shifts in consumer spending will weigh on profitability.
The University of Michigan is also set to release consumer sentiment data on Friday.
Overseas, markets in Japan retreated 1% Friday, while the Hang Seng in Hong Kong fell 1.1%.
Oil prices acquired 72 cents to $71.66 U.S. a barrel.
Gold prices dumped $1.40 to $1,775.30 U.S. an ounce.
