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Canadian Stocks May Struggle To Steady -- Canadian Commentary

Canadian stocks may continue to slide Friday morning amid ongoing concerns about a conflict between the U.S. and North Korea.

The Canadian market has dipped sharply along with global stocks this week, with significant weakness emerging in the energy sector as crude oil futures leveled off.

WTI light sweet crude oil slipped 30 cents to $48.30 a barrel this morning, easing further from 2-month highs above $50.

Baker Hughes rig count data is due out this afternoon. The number of U.S. rigs has been falling this summer after rising rapidly in the first half of the year.

Automotive supplier Magna International Inc. (MG.TO, MGA) Friday said it now expects fiscal 2017 total sales between $37.7 billion and $39.4 billion, higher than previous estimate of $36.6 billion to $38.3 billion.

Telus (T.TO) reported a smaller-than-expected profit.

The loonie slipped to a monthly low near 77 cents versus the U.S. dollar.

U.S. consumer inflation data for July will give more clues about future Fed decisions. The Federal Reserve is likely to scale back on its expected pace of interest rate hikes if inflation continues to be soft.

by RTTNews Staff Writer

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