Futures Wane on Lower Oil Prices

Canopy, Freshii in Focus

Futures for Canada’s main stock index were lower on Friday, pressured by a drop in oil prices over concerns of rising supplies next year.

The TSX Composite Index recovered to a narrow gain of 14.19 points to close Thursday at 16,972.18

The Canadian dollar waned 0.06 cents to 75.53 cents U.S. early Friday

December futures doffed 0.1% early Friday.

The Organization of the Petroleum Exporting Countries said on Thursday it expected demand for its oil to fall in 2020 as rivals pumped more despite a smaller surplus of crude in the global market, building a case for the group to maintain supply curbs when it meets to discuss policy next month.

Montana lawmakers representing Native American tribal members called on the state’s congressional delegation and the U.S. State Department on Thursday to extend the public comment period for the environmental review of the Keystone XL pipeline, saying tribes were not properly consulted.

CIBC cut the price target on Canopy Growth to $30.00 from $45.00

CIBC raised the price target on Freshii to $$3.00 from $2.75

On the economic front, Statistics Canada said Foreign investors acquired $4.8 billion of Canadian securities in September, all corporate securities. At the same time, Canadian investors reduced their holdings of foreign securities by $2.4 billion, led by a divestment in U.S. instruments.

Meanwhile, the Canadian Real Estate Association was due out with MLS home sales for October.

ON BAYSTREET

The TSX Venture Exchange dropped 3.48 points Thursday at 527.15

ON WALLSTREET

U.S. stock index futures were higher Friday after White House economic advisor Larry Kudlow said China and the U.S. were getting close to reaching a trade deal.

Futures for the Dow Jones Industrials took on 82 points, or 0.3%, early Friday to 27,828.

Futures for the S&P 500 gained 7.5 points, or 0.2%, at 3,104.50

The NASDAQ Composite added 32 points, or 0.4%, to 8,297.50.

The S&P 500 has advanced 3.4%, and Dow is up 2.8%, over the past month. The tech-rich NASDAQ has gained 4.1% in that time.

J C Penney and JD.com are among the firms reporting earnings Friday.

U.S. officials have sent positive signs about trade talks with China. Kudlow, the National Economic Council director, said Thursday that a deal between the two nations was approaching, highlighting constructive discussions with Beijing.

Investors awaited for various data releases Friday. There will be retail sales, import prices and the Empire State manufacturing numbers out at 8:30 a.m. ET. There will also be industrial production numbers released at 09:15 a.m. ET.

Overseas, in Japan, the Nikkei 225 gained 0.7% Friday, while in Hong Kong, the Hang Seng Index inched higher three points.

Oil prices slipped 16 cents to $56.61 U.S. a barrel.

Gold prices fell $7.10 to $1,466.30 U.S. an ounce.