Futures tied to Canada's main stock index were muted on Friday, and the main cash index was on track for a second straight weekly fall, with elevated crude oil prices and inflation concerns keeping investors on edge as hostilities in the Middle East showed no signs of easing.
The TSX retreated 279.23 points to finish a wild session Thursday at 32,840.66
March futures edged up 0.1% Friday.
The Canadian dollar gave back 0.17 cents to 73.18 U.S.
Brokerage RBC downgraded its rating on Canadian oil and gas royalty firm Freehold Royalties to "sector perform" from "outperform", while Canaccord Genuity upgraded civil contractor North American Construction to "buy" from "hold".
On the economic calendar, employment declined by 84,000 (-0.4%) in, The unemployment rate increased 0.2 percentage points to 6.7%.
Statistics Canada also says manufacturing sales declined 3.0% in January, driven primarily by reduced sales in the transportation equipment and machinery subsectors. Meanwhile, sales in the miscellaneous manufacturing subsector posted the largest increase.ON BAYSTREET
The TSX Venture Exchange decreased 29.11 points, or 2.7%, Thursday to 1,047.05.
ON WALLSTREET
Asia-Pacific markets fell Friday as oil prices soared on renewed fears that a prolonged conflict in the Middle East could further crimp energy supplies, stoking fears of a global economic downturn.
Futures for the Dow Jones Industrials roared ahead 176 points, or 0.4%, to 46,893.
Futures for the S&P 500 index gained 25.75 points, or 0.4%, to 6,703.25.
Futures for the NASDAQ jumped 88.75 points, or 0.4%. to 24,648.75.
Iran’s new Supreme Leader Mojtaba Khamenei said in a late Thursday speech that the Strait of Hormuz, a vital artery for global oil trade, should remain shut and that Tehran could open other fronts in the war if the conflict persists.
Commander of the Iranian Revolutionary Guard Corps Navy, Alireza Tangsiri, also doubled down on the threat in a social media post, warning of “the harshest blows to the aggressor enemy.”
Bettors on prediction market Kalshi raised their wagers that the U.S. economy may enter a recession this year, with the likelihood climbing to 32% — highest level this year.
International benchmark Brent crude jumped 9.22% to close at $100.46 per barrel on Thursday. It was the first time Brent closed above $100 since August 2022. U.S. West Texas Intermediate futures rose 9.72% to settle at $95.73.
Investors await key U.S. inflation data. Economists polled by Reuters forecast the personal consumption expenditures price index, due to be released on Friday, to have risen 2.9% year on year in January, and the core index is expected to have accelerated to 3.1%.
In Japan, the Nikkei 225 declined 1.2% Friday, while in Hong Kong, the Hang Seng 1%.
Oil prices slid $2.34 to $93.06 U.S. a barrel.
Gold prices shone brighter $14.00 to $5,111.80 U.S an ounce.
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