Futures linked to Canada's main stock index rose on Friday as oil prices gained, a day after unexpectedly softer U.S inflation data boosted chances of a September rate cut by the Federal Reserve.
The TSX Composite Index hurtled higher 193.9 points to 22,544.13.
The Canadian dollar inched up 0.02 cents to 73.42 cents U.S.
September futures picked up 0.4% Friday.
In corporate news, mining group Rio Tinto is studying a refreshed list of takeover targets, including miner Teck Resources, after BHP's takeover bid for Anglo American failed, according to a Sky News report.
In the economic data Friday, Statistics Canada reported the total monthly value of building permits in Canada decreased 12.2% to $11.7 billion in May
ON BAYSTREET
The TSX Venture Exchange tacked on 3.29 points Thursday to 586.55.
ON WALLSTREET
U.S. stock futures were little changed Friday morning after the S&P 500 had its worst session since April, as investor evaluated the start of second-quarter earnings reporting season.
Futures for the Dow Jones Industrials grabbed 36 points, or 0.1%, to 40,125.
Futures for the much-broader index slid 0.75 points, or 0.1%, at 5,639.
Futures for the NASDAQ Composite faded 25.25 points, or 0.1% to 20,416.50.
On a weekly basis, the Dow is also beating the other two major averages, up nearly 1%. The S&P 500 is up 0.3% through Thursday’s close, while the NASDAQ is down nearly 0.4%.
Banks kicked off earnings results Friday. Wells Fargo shares tumbled 6% after the bank said net interest income, a key measure of lending profitability for banks, fell short of expectations in the second quarter. The bank also continues to see net interest income falling from 7% to 9% this year. JPMorgan shares were down slightly even as the bank posted second-quarter revenue higher than Wall Street expectations on a jump in investment banking fees.
On the economic front, traders will be looking toward June’s producer price index results. July’s preliminary consumer sentiment numbers from the University of Michigan are also due.
In Japan, the Nikkei 225 dumped 2.5% Friday, while the Hang Seng in Hong Kong gained 2.6%.
Oil prices hiked 77 cents to $83.39 U.S. a barrel.
Gold prices slumped $13.10 to $2,408.80
