Canadian stocks were little changed Friday morning amid falling commodities and mixed cues from the global equity markets on concern the US Federal Reserve may scale back its support to the economy. Meanwhile, European markets are mixed after Germany's Ifo business confidence strengthened in May.
The S&P/TSX Composite Index eased 4.05 points or 0.03 percent to 12,654.04, a day after snapping its four-session winning streak.
The price of crude oil continued to move lower Friday morning amid concerns over demand growth after China yesterday reported weak manufacturing growth. China's manufacturing sector contracted for the first time in seven months in May. The drop comes amid poor demand, fueling concerns of weakness in the economy that may persist for some more time. Crude for July lost $0.69 to $93.56 a barrel.
In the oil patch, Heritage Oil Corp. (HOC.TO) dived over 10 percent. On the other hand, Niko Resources (NKO.TO) jumped over 18 percent after announcing a significant gas condensate discovery in deep water KG D6 Block, offshore India.
Oil and gas company Caza Oil & Gas Inc. (CAZ.TO) rose 14 percent after announcing that Apollo Investment Corp., an investment fund managed by Apollo Investment Management, would purchase from it up to US$50 million of senior secured notes of the company.
The price of gold was ticking lower Friday morning amid a mixed US dollar as traders await fresh triggers. Gold for June shed $4.90 to $1,386.90 an ounce.
Among gold plays, Goldcorp. (G.TO), Barrick Gold (ABX.TO) and Agnico-Eagle Mines (AEM.TO) were up around 1 percent each.
National Bank (NA.TO) gained nearly 2 percent after reporting lower second quarter net income of C$434 million or C$2.49 per share compared with C$553 million or C$3.22 per share last year. Excluding specified items, the company reported net income of C$369 million or C$2.08 per share, compared with C$347 million or C$1.95 per share during the same quarter last year.
Telecommunications services provider Manitoba Telecom Services (MBT.TO) moved up over 4 percent after announcing that it would divest its Allstream business to Accelero Capital Holdings Group in a transaction that valued Allstream at $520 million.
In economic news from the U.S., the Commerce Department said durable goods orders surged up by 3.3 percent in April after tumbling by a revised 5.9 percent in March. Economists had expected orders to climb 1.1 percent compared to the 5.7 percent drop that had been reported for the previous month. Excluding a rebound in orders for transportation equipment, durable goods orders rose by 1.3 percent in April compared to a 1.7 percent drop in March.
From the euro zone, Germany's consumer confidence is set to strengthen in June, results of a survey by market research firm GfK showed. The forward-looking index for June rose to 6.5 in June from 6.2 in May. Economists had forecast the indicator to remain unchanged at 6.2. Economic expectations as well as income expectations of consumers improved in May. Following a moderate fall in April, economic expectations gained 1.3 points to -0.2.
Meanwhile, Germany's business sentiment improved to 105.7 in May from 104.4 in April, reports said citing a survey from the Ifo institute. The reading was forecast to remain unchanged at 104.4.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.