Canada's stock index may edge higher at the open on Friday, the final day of trading in 2011, but it is on track to end the year with an overall decline of about 11%, weighed down by volatile commodity prices and the European debt crisis.
Canadian-owned BCIF Holding Colombia S.A.S. has won a bid to acquire a Colombian state-owned power company for around $415 million, according to the country's finance ministry.
Elsewhere, the Globe and Mail is reporting that activist investor Bill Ackman has recommended to the board of Canadian Pacific Railway Ltd. that the railway's current chief executive be replaced by Hunter Harrison, the 67-year old who used to head rival Canadian National Railway until 2009.
The Canadian dollar faded 0.02 cents in pre-market to 98 cents U.S.
U.S. stock index futures were up with about 20 minutes before markets open, suggesting that stocks will rise at the start of trading. Futures for the Dow Jones industrial average were up seven points or less than 0.1%. Futures for the broader S&P 500 were up 2.2 points or less than 0.2%, while futures for the tech-rich Nasdaq acquired 2.5 points or 0.1%.
Both indexes scored big gains on Thursday, erasing Wednesday's setback, over some upbeat U.S. economic news and falling Italian bond yields during an auction of 10-year government bonds.
However, the news on Friday is light, with no big U.S. or Canadian releases on tap.
In Europe, Germany's DAX index was up 0.4% in afternoon trading.
In Asia, Japan's Nikkei 225 rose 0.7% in overnight trading. In China, the final reading on factory activity in December showed that activity is contracting: The HSBC purchasing managers' survey came in at just 48.7, below the growth threshold of 50 and down from a flash reading of 48.7.
The good news, though, is that the low reading is expected to shift Chinese authorities into a pro-growth mode to help stimulate the economy.
Crude prices skidded 81 cents to $98.84 U.S. a barrel.
The price of gold showed some strength on Friday, rising to $1,569 U.S. an ounce, up $28.
