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Lower Opening Seen For Canadian Shares

Canadian shares look headed for a lower opening on Friday, tracking lower index futures, weakness in Asian and European markets amid mounting worries about U.S.-China trade war and its likely impact on the global economy.

The turmoil in Turkey's banking sector and U.S.'s sanctions on Russia for the latter's alleged part in the attempt on the life of a former British spy are also expected to weigh on investor sentiment.

Slightly higher crude oil futures may trigger some buying in the energy space.

On the economic front, Canada employment data will be released at 8:30 AM ET.

The U.S. Consumer Price Index for CPI for July will be issued at 8.30 am ET. The consensus is for increase of 0.2%, up from 0.1%.

Baker-Hughes Rig Count for the week will be published at 1.00 pm ET. In the prior week, North American Rig Count was 1267 and U.S. rig count was 1044.

On Thursday, the benchmark S&P/TSX ended up 101.90 points or 0.62% at 16,416.98, after scaling a low of 16,326.87 and a high of 16,430.85 intraday.

In company news, Cipher Pharmaceuticals Inc. (CPH.TO) reported total revenue was $7.0 million for second quarter of current financial year, compared to $9.9 million in the year-ago quarter.

Brookfield Real Estate Services Inc. (TSX: BRE) said it posted a net loss of $3.7 million, or $0.39 per share for the three months ended June 30, 2018, compared to net earnings of $3.3 million or $0.35 per Share, in the year-ago
quarter.

Boralex Inc. (BLX.TO) reported a net loss attributable to shareholders of $28 million or $0.36 per share for the second quarter of 2018, compared with a net loss of $2 million or $0.03 per share for the same period a year earlier.

The company said that the increase in net loss between the two periods was primarily due to lower than expected production volume at existing facilities, $7 million in extraordinary acquisition costs and $12 million in impairment
losses.

Cineplex Inc. (CGX.TO) reported net income of $24.4 million for the second quarter, as compared to $1.4 million in the year-ago quarter.

Asian markets ended lower due to trade war concerns. European markets are down as well, with trade war worries, U.S. sanctions on Russia and the U.S.-Turkey rift hurting sentiment.

In economic news from Europe, U.K. economic growth doubled in the second quarter driven by stronger growth in both services and construction sectors, according to a report from the Office for National Statistics.

Gross domestic product rose 0.4%, matching expectations and faster than the 0.2% expansion seen in the first quarter.

U.K. industrial output also expanded in June, climbing 0.4% month-on-month, after falling for three straight months, and reversing a 0.2% in May.

Meanwhile, France's industrial and manufacturing output rebounded in June, driven by a recovery in petroleum output.

In commodities, Crude oil futures for September delivery are up $0.39, or 0.58%, $67.20 a barrel.

Natural Gas futures are down $0.005, or 0.17%, at $2.950 per million btu.

Gold futures for December are down $1.50, or 0.12%, at $1,218.40 an ounce.

Silver futures for September are down $0.072, or 0.47%, at $15.390 an ounce. Copper futures are down $0.021, or 0.74%, at $2.745 per pound.

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