Equity markets in Toronto were virtually unchanged, as expectations of continued U.S. monetary stimulus were eclipsed by worries that tighter cash markets in China could put the brakes on the world's second-largest economy.
The S&P/TSX composite index inched up 12.15 points to open Friday at 13,336.90
The Canadian dollar fell 0.24 cents to 95.74 cents U.S.
Billionaire investor William Ackman announced on Thursday said he sold six million shares in CP Rail after a huge run-up in the stock, adding a large pile of cash to his $11 billion hedge fund. CP stock climbed $1.27 at the outset to $149.22
Maple Leaf Foods has launched an auction for its bakery company Canada Bread, targeting Grupo Bimbo, one of the world's largest bread makers, as well as private equity. Maple Leaf shares added 26 cents to $15.90.
Saputo looked likely to triumph in the battle for Australia's Warrnambool Cheese and Butter Factory Company Holdings Ltd after hiking its bid by 14% to A$449 million. Saputo gained 29 cents to $51.65.
ON BAYSTREET
The TSX Venture Exchange dipped 0.52 points to 972.18
All but three of the 14 Toronto subgroups were lower in the first hour, weighed mostly by gold, down 0.5%, materials, off 0.4%, and metals and mining, sliding 0.3%.
The three gainers were energy, 0.6% better, utilities, inching ahead 0.2%, and financials, taking on 0.1%.
ON WALLSTREET
Tech stocks surged Friday morning after several companies reported better-than-expected third quarter earnings.
The Dow Jones Industrials improved 42.96 points to begin the week’s last session at 15,552.20
The S&P 500 index added 3.01 points to 1,755.08. The NASDAQ took on 27.41 points to 3,956.37.
Amazon posted a loss but sales were much better than forecasts. Microsoft easily topped estimates for sales and profits. Shares of both companies soared more than 6% in early trading.
Even Zynga, the troubled online video game company, surprised Wall Street by reporting losses that were slimmer than expected, sending shares up more than 10%.
Investors have been pleased by earnings reports, but they also remained convinced that the U.S. Federal Reserve will delay winding back its massive bond-buying program. The Fed has a policy meeting next week and is widely expected to say it will continue buying $85 billion U.S. in bonds and mortgage-backed securities a month.
Meanwhile, UPS predicted a robust holiday shipping season, which sent shares higher. The company also reported quarterly income that exceeded forecasts.
Twitter revealed late Thursday that it plans to raise upwards of $1.4 billion U.S. in its initial public offering, selling 70 million shares at between $17 and $20 U.S. per share. At the high end of that range, Twitter would be worth nearly $11 billion U.S.
Economically speaking, the U.S. Census Bureau revealed durable goods orders jumped 3.7% in September, versus 0.2% in August, while the University of Michigan and Thomson Reuters was to issue their consumer sentiment survey later this morning.
Prices for the 10-year U.S. Treasury inched up, lowering yields to 2.51% from Thursday’s 2.52%. Treasury prices and yields move in opposite directions.
Oil prices gained 10 cents to $97.21 U.S. a barrel.
Gold prices faded $7.40 to $1,342.90 U.S. an ounce.
