Toronto's main stock index opened lower Friday, as markets remained cautious about the health of the global economy and euro-zone ministers approve a Spanish bank bailout plan.
The S&P/TSX composite index fell 57.42 points to begin the week’s last session at 11,608.28
The Canadian dollar faded 0.55 cents to 98.73 cents U.S.
Among stocks to watch this morning, West Fraser Timber Co. Ltd reported a second-quarter profit, on high lumber prices and strong demand from Asia.
Stifel cut the price target of Suncor Energy’s U.S.-listed shares to $38 from $42, citing lower price forecast for crude oil, but rates buy on valuation
Economically speaking, Statistics Canada reported this morning that Canada's annual inflation sped up in June to 1.5% from 1.2% in May, as higher prices for passenger vehicles and electricity outweighed a drop in gasoline costs.
ON BAYSTREET
The TSX Venture Exchange added 3.69 points to 1,194.56. The Nasdaq Canada index dipped 3.44 points to 340.12.
All but one of the 14 Toronto subgroups faded at the outset. Metals and mining stocks fell 2.4%, while global base metals dipped 1.6% and energy stocks staggered 1.2%.
Only utilities held out against the negative tide, taking on 0.4%.
ON WALLSTREET
U.S. stocks opened lower Friday, as investors took in a mixed bag of corporate news, while remaining on edge over Europe's debt problems, as the Spanish 10-year yield moved back above 7%.
The Dow Jones industrial average declined 58.95 points to 12,884.41. The S&P 500 gave back 6.43 points to 1,370.08. The Nasdaq fell 12.05 points to 2,953.85
Financial shares were among the biggest decliners, with shares of Bank of America, JPMorgan Chase, Citigroup, and Morgan Stanley down between 1.5% and 2%.
General Electric reported earnings ahead of the opening bell that topped estimates but revenue fell short.
Investors had been bracing for a lackluster quarter, but the bulk of corporate results have come in above expectations. Of the 111 S&P 500 companies that had reported earnings through Thursday, 75 have topped forecasts, according to research from S&P Capital IQ.
Early Friday, entertainment company Viacom reached a "long-term" deal with DirectTV, ending a week-long feud between the two. That means that DirectTV subscribers won't lose access to more than a dozen channels, including MTV, Nick and Comedy Central.
IPOs will also be in focus early Friday. Palo Alto Networks will make its public debut after pricing its initial public offering at $42 U.S. a share -- above its estimated range. Travel site Kayak will also finally start trading. Kayak priced its IPO also above its estimated range, at $26 U.S. a share.
It's been a pretty good week for going public. Thursday, shares of Five Below surged 55% after the teen retailer raised $163 million U.S. through its IPO.
The price on the benchmark 10-year U.S. Treasury strengthened, pushing the yield down to 1.46% from 1.52% late Thursday. Treasury prices and yields move in opposite directions.
Oil for August delivery staggered $1.42 to $91.24 U.S. a barrel.
Gold futures for August delivery fell $4.00 to $1,576.40 U.S. an ounce.
