Futures for Canada's main stock index edged higher on Friday, tracking global markets, on cautious hopes for a rapprochement on trade between the United States and China.
The S&P/TSX Composite grew 112.84 points to conclude Thursday at 16,384.49
The Canadian dollar nicked up 0.01 cents to 75.26 cents U.S. early Friday
September futures gained 0.4% Thursday.
TD Securities raises target price on Canadian Western Bank to $34.00 from $33.00
Scotiabank cut the target price on Toronto-Dominion Bank to $80.00 from $83.00
Scotiabank cut the target price on West Fraser Timber to $60.00 from $65.00
On the economic front, Statistics Canada says June’s gross domestic product grew 0.9% in the second quarter, after edging up 0.1% in each of the previous two quarters. This growth was led by a 3.2% rise in export volumes.
Prices for products manufactured in Canada were down 0.3% in July. Widespread commodity price declines, led by pork, were partially offset by higher prices for motor gasoline and precious metals.
The agency also said prices for raw materials purchased by manufacturers operating in Canada were up 1.2%, mainly as a result of higher crude energy products prices.
ON BAYSTREET
The TSX Venture Exchange gave up 2.63 points Thursday to 581.19
ON WALLSTREET
U.S. stock index futures were higher Friday as the world’s two largest economies showed a willingness to resolve their long-running trade dispute.
Futures for the Dow Jones Industrials hiked 157 points, or 0.6%, to 26,535
Futures for the S&P 500 picked up 18 points, or 0.6%, at 2,944.75
NASDAQ Composite futures spiked 49.25 points, or 0.6%, to 7,761.25
Entering Friday’s session — the last one for August — the Dow and S&P 500 were both down nearly 2% while the NASDAQ had lost around 2.5%.
Frontline Ltd. and Jinko Solar are among the firms presenting earnings Friday
As has become the norm these days, market focus is largely attuned to global trade developments, after President Donald Trump said that some trade discussions had taken place on Thursday, with more scheduled over the coming weeks.
China’s commerce ministry said Thursday it was willing to calmly resolve the long-running trade dispute, but added it was against any further escalation in tensions. The comments spurred hopes for progress in talks
On the data front, personal income figures for July will be released at around 8:30 a.m. ET. Consumer spending for July and the latest monthly and annualized core personal consumption expenditures (PCE) index will be released at the same time.
Chicago PMI (Purchasing Managers’ Index) and consumer sentiment data for August will follow slightly later in the session.
Overseas, in Japan, the Nikkei 225 gained 1.2% Friday, while in the Hong Kong, the Hang Seng index tacked on 0.1%
Oil prices sifted off 75 cents to $55.96 U.S. a barrel.
Gold prices sank $3.40 to $1,532.50 U.S. an ounce.
