Canadian stocks are poised to open lower Friday as traders await further cues over the likelihood of more economic stimulus for the U.S. economy. Meanwhile, the leaders of Germany and France also suggested that they would be reluctant to extend deadlines for Greece to make reforms.
U.S. stock futures were pointing to a flat open.
On Thursday, the S&P/TSX Composite Index snapped its to-session winning streak to shed 56.48 points or 0.47 percent to 12,062.51.
The price of crude oil was ticking lower Friday morning as traders await further moves by the central banks in policy easing, with Light Sweet Crude Oil (WTI) futures for October delivery, easing $0.26 to $96.01 a barrel.
Gold was paring gains Friday morning after advancing to a fresh four-month high in the previous session as stimulus is expected to raise the inflation outlook, benefiting the yellow metal, which is seen as a hedge against rising prices. Gold for December slipped $4.60 to $1,668.20 an ounce.
In corporate news from Canada, gold miner Acadian Mining Corp. (ADA.TO) said it would divest its Dufferin area claims to Ressources Appalaches, an exploration company that is currently developing the Dufferin Mine project in Nova Scotia.
Oil and gas company Africa Oil Corp.(AOI.V) announced the appointment of Nick Walker as its Chief Operating Officer effective September 10.
In economic news from south of the border, figures released by the Commerce Department revealed new orders for durable goods in July came in at $230.7 billion, a 4.2 percent increase from June levels. The increase was much higher than most economists had expected, with most forecasting growth of 1.9 percent, much closer to the 1.6 percent growth posted in July. Excluding transportation orders, however, durable goods orders fell 0.4 percent in July, with revised figures for June showing a 2.2 percent decline in non-transportation durable goods orders - lower than the 1.1 percent drop initially reported.
From the euro zone, the U.K. economy contracted 0.5 percent in the second quarter, revised upwards by 0.2 percentage points from the fall of 0.7 percent published on July 25, data from the Office for National Statistics showed. Nonetheless, the sequential fall was bigger than the 0.3 percent drop registered in the first quarter. The revision largely reflects upward revisions to construction and production output. Output of production industries slipped 0.9 percent, revised from the 1.3 percent drop estimated initially.
by RTT Staff Writer
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