Stock futures pointed to a higher opening for Canada's main stock index after crude prices rose amid uncertainty about Saudi Arabia's oil policy following the death of King Abdullah.
The S&P/TSX composite index gained 203.56 points to close out Thursday at 14,763.98, with March futures up 0.2% Friday.
The Canadian dollar ditched 0.42 to 80.33 cents U.S. early Friday.
Goldman Sachs cut the target price on First Quantum Minerals to $18.75 from $26.50
Canaccord Genuity upped target on Canadian Pacific Railway to $218 from $204
Concerned with things economic, Statistics Canada told us this morning that retail sales added 0.4% in November to $43 billion, with cold weather one of the main culprits. Promotional events also contributed to higher sales. Gains were reported in five of 11 sub-sectors, representing 27% of retail trade.
The agency also said its consumer price index rose 1.5% in the 12 months to December, after a 2.0% increase in November. On a seasonally adjusted monthly basis, inflation declined 0.1% in December, after falling 0.2% in November.
ON BAYSTREET
The TSX Venture Exchange fell into the red 0.08 points Thursday to 678.97.
ON WALLSTREET
Investors will be paying extra attention to oil markets on Friday following the death of King Abdullah of Saudi Arabia.
Ahead of the opening bell, futures for the Dow Jones Industrials gathered 39 points, or 0.2%, to 17,776. Futures for the S&P 500 gained 3.5 points, or 0.2%, to 2,060, and futures for the NASDAQ took on 6.25 points, or 0.2%, to 4,271.
General Electric and Honeywell will report earnings before the opening bell.
Li Ka-shing's Hutchison Whampoa is in talks to pay up to £10.25 billion ($15.4 billion U.S.) for mobile operator O2, a deal that would further consolidate the U.K. wireless industry.
Sony said it was postponing the release of fiscal third quarter results because of the cyberattack it suffered last year.
European markets were higher in early trading, while Asian marketsended the week on a positive note, as investors continued to cheer Thursday's news that the European Central Bank will launch a $1.3-trillion U.S. bond buying program in March. The euro continued to plunge, falling to $1.13 U.S., and yields on euro-zone government bonds dropped.
Saudi Arabia is in transition following the death of King Abdullah bin Abdulaziz al Saud. A successor has already been named, and oil market reaction has been muted. Most analysts expect a smooth leadership transition and a continuation of the kingdom's oil policy.
Still, investors will be looking for indications of how Salman bin Abdul-Aziz Al Saud, the new king, intends to wield power in the world's largest exporter of petroleum.
Oil prices added four cents to $46.35 U.S. a barrel
Gold prices slid $4.80 to $1,295.90 U.S. an ounce.
