Canada's resource-heavy main stock index looked set to open higher, mirroring global equity and commodity markets, after growth data from China soothed worries of a drastic hit to the world's number-two economy, but was low enough to keep open the possibility of further stimulus.
The S&P/TSX Composite Index swooned 119.17 points, or 1.1% to close Thursday at 11,410.61. Canada stock futures traded up 0.2% this morning.
The Canadian dollar traded higher Friday morning by 0.21 cents to 98.36 cents U.S.
The Bolivian government is willing to compensate South American Silver Corp for revoking its concession on the Malku Khota project, but it will be far less than the $16 million the company says it has invested.
Other stocks to watch this morning include Tim Hortons Inc., which is best known for its coffee and doughnuts, is pushing for more of Canada's lunch market, and its CEO sees the chain's share of the Canadian lunch trade overtaking McDonald's within about five years.
The TSX Venture Exchange dropped 23.60 points to 1,169.19. The Nasdaq Canada index fell 2.25 points to 341.40.
U.S. stocks were poised to open higher Friday in the wake of JPMorgan's second-quarter earnings and disclosure that it has lost $5.8 billion U.S. on a trading blunder so far this year.
Futures for the Dow Jones added 35 points, or 0.3%, to 12,537, about 30 minutes before the opening bell. Futures for the S&P 500 took on 3.2 points, or 0.2%, to 1,332.40, and for the Nasdaq, futures grew 7.25 points, or 0.3%, to 2,545.
JPMorgan Chase reported earnings of $5 billion U.S. on revenue of $22.9 billion U.S. Its shares oscillated wildly near breakeven in pre-market trading after the bank said its pretax trading loss from risky derivatives totals $5.8 billion U.S. so far this year.
In a separate filing with the Securities and Exchange Commission, JPMorgan stated it recently discovered insiders possibly hid significant data, "seeking to avoid showing the full amount of the losses being incurred in the portfolio." The bank restated its first-quarter results, lowering net income by $459 million U.S.
Anxiety remains about the European debt crisis. Investors are concerned that political headwinds in Europe will stymie the latest rescue plan for the euro currency union, which euro-zone leaders announced at a summit meeting late last month.
On Friday, Moody's downgraded Italy's government debt two levels, citing an increased likelihood the country will be slammed by higher borrowing costs. The culprits: possible contagion from troubles in Greece and Spain.
European stocks rose in afternoon trading. Britain's FTSE 100 added 0.5%, the DAX in Germany gained 0.9% and France's CAC 40 ticked up 0.5%.
Figures released on China's economy added fuel to the notion of a global slowdown. In the second quarter, GDP in China grew at an annual pace of 7.6%, the lowest in three years and a deceleration from the 8.1% growth rate it saw the previous quarter.
Asian markets ended just above breakeven. The Shanghai Composite and Japan's Nikkei closed slightly higher, while the Hang Seng in Hong Kong added about 0.4%.
Oil for August delivery rose 57 cents to $86.65 U.S. a barrel.
Gold futures for August delivery rose $13.30 to $1,578.60 U.S. an ounce.