Futures for Canada's main stock index fell on Friday, tracking weak global cues after data showing a surge in U.S. inflation triggered fears of a more hawkish Federal Reserve, although higher crude prices offered some respite.
The S&P/TSX Composite dipped into the red 72.47 points to adjourn Thursday at 21,531.72
The Canadian dollar moved up 0.18 cents to 78.71 cents U.S.
March futures slumped 0.4% Friday.
Magna International reported a 13.7% fall in quarterly revenue on Friday, hammered by semiconductor shortages that have wreaked havoc on global automobile production.
RBC raises target price on Constellation Software to $2,800 from $2,700
RBC raised the target price on Definity Financial to $35.00 from $32.00
ATB Capital Markets raised the target on Precision Drilling to $98.00 from $91.00
National Bank of Canada raised target price on TELUS to $36.00 from $35.00
Canada will seek to join the United Kingdom, the U.S. and Australia to be included in consultations as part of the European Union's dispute with China at the World Trade Organization over Beijing's alleged trade curbs on Lithuania.
ON BAYSTREET
The TSX Venture Exchange subtracted 2.12 points Thursday to 872.88.
ON WALLSTREET
Stock futures were lower in morning trading Friday after a sharp Thursday selloff on Wall Street spurred by the hottest inflation reading in four decades that was even higher than expectations.
Futures for the Dow Jones Industrials faded 16 points to 35,123.
Futures for the S&P 500 fell 1.5 points to 4,496
Futures for the NASDAQ dipped 3.75 points to 14,697.25.
Still, the major averages are on pace to post their third positive week in a row with modest gains. The Dow is up 0.4% this week, while the NASDAQ has gained 0.6%. The S&P 500 is only up 0.1% after Thursday’s decline.
In individual stocks, shares of Zillow rallied strongly in pre-market trading Friday, rising 14% the day after the real estate website operator posted a surprise profit of $1.07 against an expected loss of 42 cents per share.
Overseas, in Japan, markets were closed for holiday Friday, while in Hong Kong, the Hang Seng gave back 0.1%.
Oil prices surged $1.45 to $91.33 U.S. a barrel.
Gold prices slipped $3.30 to $1,834.10 U.S. an ounce.
