Stock futures pointed to a lower opening for equities in Canada’s biggest market on Friday as oil prices edged lower, and are set to close at a weekly loss of more than 3%.
The S&P/TSX Composite Index was negative 8.76 points to close Thursday at 15,410.73. June futures docked 0.1% early Friday.
The Canadian dollar eked up 0.1 cents to 74.25 cents U.S. early Friday.
Taiwan's Cathay Financial Holdings said its two subsidiaries have completed an agreement to acquire the Malaysia unit of Bank of Nova Scotia for $255 million.
Kinder Morgan Inc has made a final investment decision on its Trans Mountain pipeline expansion, contingent on the successful public offering of its Canadian division, the company said on Thursday as it acknowledges the political uncertainty weighing on the project.
TD Securities raised the target price on Tembec Inc. to $4.25 from $4.00
Credit Suisse reinstates coverage on Cenovus Energy with an outperform rating, and a $20.00 target price
Credit Suisse reinstated coverage on Hydro One with a neutral rating, and target price of $26.00
ON BAYSTREET
The TSX Venture Exchange slipped 2.53 points Thursday to 799.86
ON WALLSTREET
U.S. stock index futures pointed to a slightly lower open on Friday as traders appeared to move away from riskier assets amid fluctuating oil prices.
Ahead of the opening bell, futures for the Dow Jones Industrials fell back 33 points, or 0.2%, to 21,030. Futures for the S&P 500 dipped four points, or 0.2%, to 2,409.50. NASDAQ futures slipped 5.5 points, or 0.1%, to 5,776.50
It’s a light day on the earnings front heading into the long weekend, with DragonWave among the few reporting Friday. Markets south of the border are to be shuttered Monday for Memorial Day.
President Donald Trump attends the G-7 meeting in Sicily on Friday and traders will also be watching for any new developments in the investigation into Trump campaign ties to Russia after reports that Trump's son-in-law, Jared Kushner, is now under FBI scrutiny.
Members of the Organization of the Petroleum Exporting Countries as well as non-OPEC members reached a deal to extend production cuts for an additional nine months on Thursday. However, investors seemed disappointed that more aggressive measures to reduce a global supply overhang were not taken.
On matters macroeconomic, Friday will see U.S. durable goods orders for April released Friday morning. Revised gross domestic product (GDP) data for the first-quarter of 2017 and revised consumer sentiment data for May are both scheduled to be posted later in the morning.
Stock markets in Europe were substantially lower as morning became afternoon. In Japan, the Nikkei 225 was drubbed 0.6%, while in Shanghai, the CSI 300 fell 0.2% to close the week.
Oil prices slid 60 cents to $48.30 U.S. per barrel.
Gold prices hiked $8.80 to $1,265.20 U.S. an ounce.
