Stock futures pointed to a lower opening for equities in Canada’s biggest market on Friday as oil prices slipped to two-week lows over worries of a persisting global supply glut.
The S&P/TSX Composite grew 137.21 points, or 1%, to conclude Thursday at 14,503.67. Futures fell 0.3% Friday morning.
The Canadian dollar dropped 0.27 cents at 75.74 cents U.S. early Friday.
Agrium Inc will attempt to convince reluctant shareholders next week in Toronto to support its proposed merger with Potash Corp of Saskatchewan Inc, and appease concerns that it has little to gain by marrying its fertilizer rival.
Barclays cut the target price on Empire Company to $18.00 from $19.00, with an underweight rating
National Bank Financial raised the target on Finning International to $23.00 from $20.00
Desjardins cut the target price on Gluskin Sheff + Associates to $19.00 from $20.00 with a hold rating
On the economic slate, Statistics Canada reported Friday that manufacturing sales edged up 0.1% in July to $50.7 billion. The agency reports higher sales in the food, petroleum and coal products, and primary metals industries were largely offset by a decrease in the production of aerospace product and parts, and by lower machinery sales.
StatsCan also said foreign investment in Canadian securities slowed for a fourth straight month to $5.2 billion in July. At the same time, Canadian investors continued to invest in foreign securities by adding $4.6 billion to their holdings.
ON BAYSTREET
The TSX Venture Exchange eked higher 0.27 points Thursday to 802.62
ON WALLSTREET
U.S. stock index futures indicated a lower open on Friday as traders eyed the release of key inflation data and looked ahead to next week's meeting of the U.S. Federal Reserve.
Ahead of the opening bell, futures for the Dow Jones Industrials dropped 55 points, or 0.3%, to 18,060, while futures for the S&P 500 sank 6.65 points, or 0.3%, at 2,131.25. NASDAQ futures fell 11.5 points, or 0.2%, at 4,802.25.
On the data front, the consumer price index is due out this morning, with consumer sentiment set to come out slightly later. Markets will focus on what the data means for the Fed, but any action at its meeting next week has largely been written off.
In Europe, markets were lower on Friday. In Asia Japan's Nikkei closed 0.7% higher on Friday. Markets in China remained closed for a public holiday.
Oil prices faded 70 cents to $43.21 U.S. a barrel
Gold prices dipped $1.10 to $1,316.90 U.S. an ounce.
