Equities in Canada’s largest market opened lower on Friday, pressured by a slip in oil prices due to higher output by top exporter Saudi Arabia and rising Sino-U.S. trade worries.
The S&P/TSX Composite Index eked lower 3.28 points to begin Friday at 16,263.33
The Canadian dollar gained 0.18 cents at 76.31 cents U.S.
WestJet Airlines on Thursday named industry veteran Charles Duncan as its chief strategy officer, effective Aug. 1.
WestJet shares dipped three cents at $18.36.
Eight Capital raised the price target on Canopy Growth to $50.00 from $40.00. Canopy shares lopped off 62 cents, or 1.6%, to $39.08.
TD Securities cut the price target on CI Financial to $25.00 from $27.00. CI shares lost three cents to $23.02.
On the economic scene, Statistics Canada says the economy created 32,000 jobs in June, after two consecutive months of little change.
However, with more people searching for work, the unemployment rate increased by 0.2 percentage points to 6.0%.
Canada's merchandise trade deficit with the world totaled $2.8 billion in May, widening from a $1.9-billion deficit in April. Imports rose 1.7% while exports edged down 0.1%.
Western University’s IVEY School of Business reported its Purchasing Managers Index came in for June at 63.1, up from May’s reading of 62.5, and a 61.6 level for June 2017.
ON BAYSTREET
The TSX Venture Exchange gained 0.57 points to 742.48
Seven of the 12 TSX subgroups were higher in first-hour trade on Friday, with telecoms climbing 0.7%, information technology better by 0.5%, and consumer staples strengthening 0.4%.
The five laggards were weighed most heavily by health-care, fading 1%, while industrials and gold stocks each lost 0.2%.
ON WALLSTREET
Stocks opened little changed on Friday as concern over an escalating trade war between the U.S. and China offset strong employment data.
The Dow Jones Industrials forged ahead 8.24 points to 24,364.98, with J.P. Morgan Chase falling more than 1%.
The S&P 500 gained 8.87 points to 2,745.48, with financials lagging and health care outperforming.
The NASDAQ advanced 45.64 points to 7,632.07
U.S. tariffs on $34 billion of Chinese goods came into effect earlier on Friday. China responded to the fresh tariffs by imposing its own retaliatory levies on imports from the States.
A spokesperson for China’s Ministry of Commerce stated Friday that while Beijing had refused to "fire the first shot," it was obligated to counter the U.S.’ actions after Washington “launched the largest trade war in economic history.”
General Motors, Ford, Boeing and Caterpillar all fell after tariffs were implemented. These companies have high overseas revenue exposure and are thus sensitive to international trade news.
Biogen shares rose nearly 20% after the company announced positive results from a study on a drug aimed at treating early Alzheimer’s disease.
The U.S. economy added 213,000 jobs in June, while economists expected a gain of 195,000. Unemployment, however, rose slightly to 4% from 3.8%. Wage growth also missed expectations, climbing 2.7% on a year-over-year basis. Economists expected growth of 2.8%.
Prices for the benchmark for the 10-year U.S. Treasury gained, lowering yields to 2.82% from Thursday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices slid 50 cents to $72.44 U.S. a barrel.
Gold prices faded $2.50 to $1,256.30 U.S. an ounce.
