Equity markets in Toronto looked set to edge higher on Friday after hitting a near three-week low the previous session, helped by hopes the U.S. government will eventually break a budget impasse even as a partial shutdown entered its fourth day.
The S&P/TSX composite index dropped 103.88 to finish Thursday at 12,735.12, with Friday futures inching up 0.1%
The Canadian dollar inched up 0.03 cents to 96.83 cents U.S. early Friday
Peru's government has restarted talks with Bear Creek Mining Corp. over its stalled Santa Ana silver project and hopes work on the mine can resume, the mines minister said on Thursday.
BMO raised the target price on Air Canada to $5 from $4 and National Bank Financial upped target to $4.75 from $3.75 after the company reported a strong third-quarter load factor on traffic and capacity growth.
Raymond James raised the target price on Calfrac Well Services to $35.50 from $35 after the company won a three-year pumping contract in Argentina.
On the economic slate, Western University’s Ivey Purchasing Managers’ Index for September is due out at 10 a.m. ET. The market call is for the PMI to register at 53.6.
ON BAYSTREET
The TSX Venture Exchange fell 3.52 points Thursday to 945.44
ON WALLSTREET
Investors remain cautious heading into the last trading day of a tumultuous week.
Ahead of the opening bell, futures for the Dow Jones Industrials nosed ahead six points to 14,912. Futures for the S&P 500 gained 3.1 points, or 0.2%, to 1,672.80, and futures for the NASDAQ advanced 4.75 points, or 0.2%, to 3,207.
Now in its fourth day, the U.S. government shutdown has created plenty of uncertainty and left an estimated 800,000 federal employees off the job.
The government's monthly jobs report, originally scheduled to come out Friday morning, will not be released due to the shutdown. Since the recession, the report has become the most closely watched indicator on the economy.
European markets edged higher in morning trading, led by the CAC 40 in Paris. Switzerland's financial watchdog, the Swiss Financial Market Supervisory Authority, announced that it was investigating several Swiss banks for possibly manipulating currency exchange rates.
The major Asian markets ended with losses. The Nikkei 225 in Japan shed nearly 1% after the Bank of Japan wrapped up its two-day monetary policy meeting and opted to maintain its stimulus measures. South Korean electronics manufacturer
Samsung said it was on track for another record quarterly profit.
The Shanghai Stock Exchange was closed for the National Day celebration
Oil prices added 34 cents to $103.65 U.S. a barrel
Gold prices subtracted $7.50 to $1,310.10 U.S. an ounce.
