Canadian stock index futures pointed to a flat to slightly higher open on Friday as geopolitical tensions surrounding Syria eased after the British Parliament voted against participating in any military action against the region.
The S&P/TSX composite index jumped 97.51 points to end Thursday at 12,704.73. Futures gained 0.04% Friday morning.
The Canadian dollar slid 0.1 cents to 94.80 cents U.S. early Friday
CIBC raised the target price on Canadian Western Bank to $31 from $30, saying the loss suffered by the bank due to its exposure to severe flooding and hailstorms in Alberta were moderated by elevated securities gains as well as higher fee income due in part to gains from the sale of mortgages.
National Bank Financial raised the price target on CIBC to $86 from $85 on valuation.
CIBC raised the target price on Royal Bank of Canada to $72 from $70 as the bank recorded strong third-quarter results.
CIBC raised the target price on Toronto-Dominion Bank to $95 from $91 following the bank's better-than-expected third-quarter results.
Economically speaking, Statistics Canada revealed this morning that Gross Domestic Product dipped 0.5% in June, while growing 0.4% on a quarterly basis, after a 0.5% hike in the first quarter.
ON BAYSTREET
The TSX Venture Exchange ended Thursday ahead 7.97 points to 941.51
ON WALLSTREET
U.S. stock futures were treading water early Friday at the end of a week overshadowed by the threat of a U.S. led-military strike on Syria.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 17 points, or 0.1%, to 14,851. Futures for the S&P 500 picked up 2.5 points, or 0.2%, to 1,639.20, and futures for the NASDAQ added eight points, or 0.3%, at 3,097.50
General Electric shares rose 1.2% in pre-market trading Friday afterThe Wall Street Journal reported that the firm is preparing to spin off its retail lending business.
Salesforce.com shares were up 7.7% pre-market after the company reported better-than-expected quarterly sales and income Thursday afternoon. Krispy Kreme shares were down 11% after the donut maker missed earnings estimates and lowered its full-year guidance Thursday.
Friday is expected to be a quiet trading day before the three-day Labour Day weekend, but investors are waiting for a few economic reports.
Data on U.S. personal income and spending in July will be released any moment now, and the University of Michigan will release its latest consumer confidence survey at 9:55 a.m. ET.
European markets were shifting lower in midday trading, with Germany's Dax and France's CAC 40 dropping by nearly 0.6%. The United Kingdom's FTSE 100 was down 0.4%.
Asian markets ended the week with some tepid moves. Both the Hang Seng and Shanghai Composite index were essentially flat at the close. Japan's Nikkei 225 lost 0.5%
Oil prices faltered 80 cents to $108.00 U.S. a barrel
Gold prices shed $17.00 to $1,395.50 U.S. an ounce.
