News Column

Futures point to lower open

June 13, 2014

Mfg sales figures out

Stock futures pointed to a lower opening for stocks in Toronto on Friday as escalating violence in Iraq dampened risk appetite.

The S&P/TSX composite index regained 17.47 points to conclude business Thursday at 14,909.60, with futures off 0.2%.

The Canadian dollar were flat at 92.12 cents U.S. early Friday

Amaya Gaming Group Inc said on Thursday it will buy Rational Group - owner of the world's biggest online poker company, PokerStars - for $4.9 billion U.S.

Talisman Energy Inc is reviewing its Asian oil and gas portfolio, valued at about $4 billion, which could lead to a partial or full sale, people familiar with the matter said.

On the economic slate, Statistics Canada reported that manufacturing sales edged down 0.1% in April to $50.9 billion, the first drop in four months.


The TSX Venture Exchange shot ahead 8.77 points Thursday to 997.97


Oil prices are stealing the show again Friday as markets close out a rough week. Central banks were in action, too.

Ahead of the opening bell, futures for the Dow Jones Industrials added 14 points, or 0.1%, to 16,692. Futures for the S&P 500 dropped two points, or 0.1%, to 1,921.25, and futures for the NASDAQ gained 2.25 points, or 0.1% to 3,766.25.

Intel shares were powering forward by roughly 5% in pre-market trading after the company announced a more positive outlook for the second quarter.

Google shares were under a bit of pressure, declining by roughly 1%.

This morning, the U.S. Bureau of Labor Statistics will release May's Producer Price Index, which measures the cost of producing goods. Later on, the University of Michigan will release its reading on consumer sentiment for June.

Crude oil prices continue to trade at nine-month highs, pushing higher by roughly 1% to above $107 U.S. per barrel, as commodity traders worry about increasing instability in Iraq. Large areas of the country have been overrun by militants, raising fears that oil production and exports could be hit.

Oil prices were last this high in September 2013. On Thursday, oil jumped by more than 2%.

Gold prices rallied by over $10 Thursday but were flat Friday at $1,274 per ounce. Gold tends to rise in turbulent times as investors seek safe havens.

The pound climbed against the dollar to its highest level in years after the head of the Bank of England said overnight that U.K. interest rates could rise sooner than markets expect. That could mean a rate rise as early as the end of 2014.

European markets were all declining in midday trading. London'sFTSE 100 led the way with a drop of more than 1%.

Asian markets ended with mixed results

Oil prices gained 32 cents to $106.84 U.S. a barrel

Gold prices nicked ahead 20 cents to $1,274.20 U.S. an ounce.

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Source: Baystreet Stock Market Update (Canada)

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