Equities in Toronto barely cracked the breakeven point, as oil prices slipped on concerns that a persistent global glut of crude oil and refined products will impede any recovery.
The S&P/TSX Composite gained 20.72 points to open Friday at 14,514.52
The Canadian dollar gained 0.46 cents to 77.54 cents U.S.
Brazil may launch a trade challenge against Canada over state funding to Bombardier Inc. that could hurt Brazilian rival Embraer, according to that country’s foreign minister.
Jose Serra told the media a $1-billion investment in Bombardier from the province of Quebec was a "subsidy" and gave the company an unfair advantage against Embraer.
The plane maker’s stock dropped a penny to $2.06.
CIBC raises price target on Kirkland Lake Gold Inc to $13 from $12.50 as the company reported second-quarter 2016 production of gold in line with the estimates.
Kirkland Lake Gold shares eked up three cents to $11.74.
Destiny Media Technologies is out today with Q3 earnings, expecting to break even.
Destiny shares were unchanged at 30 cents.
Shaw Communications expects Q3 earnings of 35 cents per share. Shaw shares docked 17 cents to $25.01.
Economically speaking, Statistics Canada reported manufacturing sales declined 1.0% to $49.9 billion in May, the third decrease in five months.
What’s more, the Canadian Real Estate Association reported national home sales fell 0.9% from May to June. Actual (not seasonally-adjusted) activity came in 5.2% above June 2015. The number of newly listed homes rose 2.2% from May to June.
ON BAYSTREET
The TSX Venture Exchange picked up 1.42 points to 766.38
Nine of the 13 subgroups were lower in the day’s first hour, as information technology and real-estate each headed lower by 0.6%, and health-care tottered 0.4%.
The four gainers were led by financials, eking up 0.4%, energy, inching up 0.2%, and utilities, crawling up 0.1%.
ON WALLSTREET
U.S. stocks traded higher Friday after bank earnings continue to impress and retail sales numbers came in better than expected.
The Dow Jones Industrials acquired 5.81 points on top of Thursday’s all-time high to 18,520.33, with UnitedHealth and Home Depot contributing the most gains.
The S&P 500 backed off 0.22 points to 2,163.55, after five straight days of gains.
The NASDAQ Composite Index skidded 4.25 points to 5,029.81
Wall Street continued to digest bank earnings Friday as Wells Fargo reported results in-line with consensus, and Citigroup reported results that easily beat analysts' expectations.
On Thursday, JPMorgan Chase beat estimates and BlackRock posted results in line with expectations.
On the economic beat, U.S. retail sales beat economists' expectations, up 0.6% in June versus consensus of a 0.1% increase, in another sign that consumer spending increased in the spring.
Consumer prices increased for the fourth straight month in June. Figures released Friday by the U.S. Labor Department showed the CPI rose 0.2% last month after a similar gain in May.
A key measure of consumers' attitudes, Index of Consumer Sentiment, was reported lower so far this month. Sentiment came in at 89.5 for July's preliminary reading, the University of Michigan said. Economists expected the preliminary sentiment index to hit 93
Prices for the 10-year Treasury weakened, boosting yields to 1.59% from Thursday’s 1.53%. Treasury prices and yields move in opposite directions.
Oil prices added 54 cents a barrel to $46.22 U.S.
Gold prices faded five dollars to $1,327.20 U.S. an ounce.
