Bombardier, Enbridge in Focus
Futures for Canada’s main stock index fell on Friday as oil prices dropped on waning Chinese demand and soaring U.S. production, offsetting Venezuelan and Iranian supply worries and production cuts led by the Organization of the Petroleum Exporting Countries
The S&P/TSX Composite Index managed to hang onto 8.85 points to end Thursday at 16,192.78
The Canadian dollar edged lower 0.13 cents to 76.94 U.S. early Friday
June futures gave up 0.1% Friday
Airbus SE is set to close a deal to take a controlling stake in Bombardier Inc’s CSeries jetliner program, effective July 1, in a move expected to kickstart the European planemaker’s ability to put its marketing and cost-cutting muscle into the Canadian plane program.
The Senate on Thursday voted to legalize recreational marijuana, clearing a major hurdle that puts the country on track to become the first Group of Seven nation to permit national use of the drug.
BP Plc complained to the National Energy Board regulator about Enbridge’s implementation and then abrupt reversal of new rules for shipping crude on its Mainline pipeline system.
Desjardins raised the price target on Bombardier to $6.00 from $4.75
Barclays raised the target price on Canadian Western Bank to $38.00 from $37.00
In the economic docket, Statistics Canada reported Employment was little changed in May, and the unemployment rate was 5.8% for the fourth consecutive month.
Meanwhile, Canada Mortgage and Housing Corporation was due out this morning with housing starts figures for May
The TSX Venture inched ahead 0.47 points Thursday to 775.57
U.S. stock index futures tumbled ahead of the open on Friday, weighed down by negative sentiment seen by markets overseas.
Futures for the Dow Jones Industrials fell 67 points, or 0.3%, to 25,217
S&P 500 futures slipped 6.75 points, or 0.2%, to 2,769.25, while futures for the NASDAQ composite index surrendered 45 points, or 0.6%, to 7,139.75
Trade continued to show signs of weakness on Friday, with Asia and European markets posting heavy losses during their respective sessions. Investors remain jittery on Friday as another G-7 Summit kicks off in Quebec today.
On Friday, President Donald Trump is scheduled to appear at the meeting, along with other major leaders — including those who currently govern nations that Trump has inflicted tariffs upon. One aspect that’s put investors on edge is a fresh tweet by Trump, who accused France and Canada of levying “massive tariffs” and establishing “non-monetary barriers.”
At 10 a.m. ET, the wholesale trade report will be published.
In Japan, the Nikkei 225 faltered 0.6% Friday, while in Hong Kong, the Hang Seng Index tumbled 1.8%
Oil prices doffed 24 cents to $65.71U.S. per barrel.
Gold prices gained 50 cents to $1,303.50U.S. an ounce.
This article provided by NewsEdge.