Markets in Toronto looked set to open little changed on Friday as talks continued in Washington to end a fiscal stalemate that has shut down the U.S. government for days.
The S&P/TSX composite index barreled ahead 164.08 points, or 1.3%, to end Thursday at 12,894.41. Futures traded up but 0.07%.
The Canadian dollar gained 0.08 cents to 96.25 cents U.S. early Friday
Potash Corp of Saskatchewan Inc was expected to be active after the world's biggest fertilizer producer estimated quarterly profit would be below analysts' expectations as its customers delayed purchases due to near-term market uncertainty.
Activist hedge fund Jana Partners LLC trimmed its holding in Agrium Inc. and said it was pleased with the fertilizer company's recent capital return and change in CEO.
The U.S. government shutdown is making it harder for the State Department to review TransCanada Corp’s Keystone XL pipeline permit process, which could delay President Barack Obama's decision on the project.
On the economic scene, Statistics Canada announced the job picture was little changed in September, with the jobless rate lowering two-10ths of a percentage point to 6.9%. Job creation slowed to 11,900 in September from 59,200 in August as 21,400 workers aged 15 to 24 left the labour force. Market call was for a hike of 10,000 jobs, and an unemployment rate of 7.1%.
ON BAYSTREET
The TSX Venture Exchange advanced 2.48 points Thursday to 935.52
ON WALLSTREET
Investors are waiting for further progress in Washington on resolving the debt ceiling standoff before they push shares any higher, following Thursday’s rally.
Ahead of the opening bell, futures for the Dow Jones Industrials advanced 11 points, or 0.1%, to 15,044. Futures for the S&P 500 subsided 0.3 points, to 1,684.70, and futures for the NASDAQ nicked up two points, or 0.1%, to 3,195.50
In addition to the debt ceiling talks, the first of the big banks started reporting quarterly results.
JPMorgan posted a quarterly loss due to costs of legal actions from the government. The bank still managed to top forecasts, excluding charges. The stock rose nearly 3% in pre-market trading.
Wells Fargo reported significant increases in quarterly sales and profit, compared to a year ago. The stock edged up ahead of the bell.
At 9:55 a.m. ET, the University of Michigan and Thomson Reuters will release the latest edition of their consumer sentiment index.
According to a recent Gallup poll, consumer confidence registered its sharpest one-week drop since the period immediately following the collapse of Lehman Brothers, with people worried about how the fracas in Washington could hit their wallets.
European markets were mostly higher in midday trading led by London's FTSE 100, with a gain of 0.7%. One star performer on the London Stock Exchange -- Royal Mail -- saw shares soar by more than 30% as it started trading following a much sought-after initial public offering.
Asian markets closed with big gains. Japan's Nikkei 225 surged by 1.5% and the Shanghai Composite index shot up by 1.7%.
Oil prices docked $1.28 to $101.73 U.S. a barrel
Gold prices fell back $6.80 to $1,290.10 U.S. an ounce.
