Toronto's main stock index opened marginally higher on Friday, after data showing a growth in China's manufacturing sector reinforced recent indications that the country's economic recovery is reviving.
The S&P/TSX composite index eked higher by 8.54 points to 12,297.71
The Canadian dollar was flat at 101.55 cents U.S.
PetroChina will pay Encana Corp $2.2 billion for a 49.9% stake in a rich Alberta shale gas prospect, the first test of new guidelines issued by Ottawa for major energy investments by foreign state-owned enterprises.
In the economic docket, Statistics Canada reports this morning that manufacturing sales declined 1.4% in October to $48.8 billion.
ON BAYSTREET
The TSX Venture Exchange gained 2.69 points to 1,176.70
ON WALLSTREET
U.S. stocks opened little changed on Friday as investors held out hope for a U.S. budget agreement.
The Dow Jones Industrials poked up nine points to begin Friday at 13,179
The S&P 500 fell three points to 1,417, while the Nasdaq Composite Index moved lower 15 points to 2,978
Among the top-trending tickers, Clearwire is still in focus after Thursday’s 15% pop, following Sprint Nextel’s proposed buyout.
A day after The Trading Deck blog pointed out Celsion as a good long candidate in this market, the stock is still drawing attention from various sources. Shares rallied 6% yesterday and are holding steady before the open.
Economically speaking, U.S. consumers paid less for goods and services in November, mainly because of the falling cost of fuel.
The consumer price index dropped a seasonally adjusted 0.3% last month, the U.S. Labor Department said Friday. Economists had expected a 0.2% decline.
Excluding food and energy, core consumer prices edged up 0.1% in November. The core number is closely followed by investors and the Federal Reserve as it is seen to be a better predictor of future inflation.
