Stock futures for Canada's main equity index slipped on Friday, dragged by a fall in oil prices on renewed uncertainty over the impact of the coronavirus epidemic.
The TSX Composite Index recovered 18.7 points to add to Wednesday’s all-time high at 17,944.06 by Thursday`s closing bell. With the gains, the index has now progressed in 10 of the last 12 sessions.
The Canadian dollar slipped 0.19 cents early Friday at 75.43 cents U.S.
March futures dipped 0.1% early Friday.
Royal Bank of Canada beat quarterly profit estimates, as higher revenue from bond trading boosted the bank's capital markets business.
The Globe and Mail reports Canadian Imperial Bank of Commerce is expected to make changes to its senior executive ranks and announce about 2,000 job cuts when it reports first-quarter earnings next week.
Magna International Inc reported a better-than-expected quarterly profit, partly helped by lower costs, and reaffirmed its expectations of lower 2020 sales.
Teck Resources Ltd, reported a 76% fall in fourth-quarter adjusted profit, hurt by lower prices for steelmaking coal, its biggest business, and warned the coronavirus outbreak would damage future earnings.
National Bank of Canada raised the target price on Altus Group to $45.00 from $40.00
RBC raised the target price on Cargojet to $132.00 from $126.00
CIBC raised the target price on Loblaw Companies to $82.00 from $80.00
On the economic beat, Statistics Canada said retail sales pretty much stayed put at $51.6 billion in December, after growing 1.1% in November.
The agency went on to say higher sales at building material and garden equipment and supplies dealers, as well as food and beverage stores were more than offset by lower sales at motor vehicle and parts dealers and gasoline stations.
ON BAYSTREET
The TSX Venture Exchange slipped 0.55 points Thursday to 581.14.
ON WALLSTREET
U.S. stock index futures fell on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.
Futures for the Dow Jones Industrials docked 91 points, or 0.3%, early Friday to 29,080.
Futures for the S&P 500 fell 10.75 points, or 0.3%, at 3,358.50.
Futures for the NASDAQ Composite slouched 31.25 points, on 0.3%, to 9,593.
Deere & Company and W.P. Carey Inc. are among the companies announcing earnings Friday.
Traders will also monitor February flash manufacturing and services PMI (Purchasing Managers’ Index) readings due at 9:45 a.m. ET on Friday, while January existing home sales figures are expected at 10 a.m. ET.
Overseas, China’s National Health Commission reported more than 75,000 confirmed cases and over 2,000 deaths on the mainland. More than 800 new cases were reported in China overnight. South Korea reported 52 new cases on Thursday to take its total to 150.
In Japan, the Nikkei 225 sank 0.4% Friday, while in Hong Kong, the Hang Seng Index fell 1.1%,
Oil prices dipped 77 cents to $53.11 U.S. a barrel.
Gold prices powered ahead $24.40 to $1,644.90 U.S. an ounce.
