Futures Slump Friday

Futures for Canada's main stock index dipped on Friday, weighed down by lower oil prices as Russia said it would need more time before committing to deeper output cuts.

The TSX Composite Index charged ahead 105.9 points to conclude Thursday at 17,757.49

The Canadian dollar ducked back 0.17 early Friday at 75.09 cents U.S.

March futures added 0.2% early Friday.

Canada Goose Holdings slashed its revenue and profit growth forecasts for fiscal 2020, citing a hit from the recent outbreak of the coronavirus in China.

Canadian miner Banro is looking to sell its Namoya gold mine in eastern Congo at a significant discount, its chairman told Reuters on Friday, blaming the government's failure to improve security in the area following a kidnapping of staff last year.

The Globe and Mail reported that a plane from Wuhan, China carrying an initial group of 176 Canadian evacuees from the coronavirus epidemic landed at Trenton air force base in Ontario early on Friday

National Bank of Canada cut the price target on Agnico Eagle Mines to $101.00 from $103.00

National Bank of Canada raised the price target on Newmont to $66.00 from $65.00

RBC cut the price target on Suncor Energy to $46.00 from $47.00

In the economic docket, Statistics Canada reported employment increased by 35,000, or 0.2%, in January, all in full-time work. The unemployment rate fell 0.1 percentage points to 5.5%

At 10 this morning EST, Western University’s IVEY School of Business is out with its Purchasing Managers’ Index for January.

ON BAYSTREET

The TSX Venture Exchange gained 1.64 points to wrap up Thursday at 578.

ON WALLSTREET

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U.S. stock index futures fell on Friday, erasing some gains following a four-day winning streak on Wall Street, as investors awaited the release of the latest jobs data.

Futures for the Dow Jones Industrials skidded 95 points, or 0.3%, early Friday to 29,233.

Futures for the S&P 500 dipped 8.25 points, or 0.3%, at 3,337.

Futures for the NASDAQ Composite fell 28.5 points, or 0.3%, to 9,427.

Stocks were up sharply for the week entering Friday as strong earnings and economic data outweighed worries over the coronavirus’ economic impact.

The S&P 500 was up 3.7% week to date through Thursday’s close, and was on pace for its best weekly performance since early June. The
Dow is up 4% for the week while the NASDAQ has gained 4.6%.

Honda Motor and Construction Partners are among the firms presenting earnings today.

The recent rally in U.S. markets lost steam on Friday amid concerns about the potential economic fallout of China’s fast-spreading coronavirus. China’s National Health Commission on Friday confirmed 31,131 cases of the deadly pneumonia-like virus in the country, with 636 deaths.

Economically speaking, the U.S. Labor Department brought out non-farm payrolls for January which smashed expectations, the economy taking on 225,000 jobs. Even so, the jobless rate ticked higher to 3.6%. Expert predictions were for a rise of 158,000.

Overseas, in Japan, the Nikkei 225 fell back 0.2% Friday, while in Hong Kong, the Hang Seng slid 0.3%

Oil prices were static at $50.75 U.S. a barrel.

Gold prices improved $7.50 to $1,570.30 U.S. an ounce.