Toronto to open higher on China data


Toronto's main stock index looked set to open higher on Friday, tracking its European and U.S. counterparts, after data showing a growth in China's manufacturing sector reinforced recent indications that the country's economic recovery is reviving.

The S&P/TSX composite index slumped 63.92 points to conclude Thursday at 12,289.17

The Canadian dollar jumped 0.17 cents to 101.74 cents U.S. Friday morning.

PetroChina will pay Encana Corp $2.2 billion for a 49.9% stake in a rich Alberta shale gas prospect, the first test of new guidelines issued by Ottawa for major energy investments by foreign state-owned enterprises.

In the economic docket, Statistics Canada reports this morning that manufacturing sales declined 1.4% in October to $48.8 billion.

ON BAYSTREET

The TSX Venture Exchange dipped 11.35 points to 1,173.59

ON WALLSTREET

U.S. stock futures were little changed, after yesterday's drop in the Standard & Poor's 500 Index, as data showed China's manufacturing may expand at a faster pace and investors watched budget talks in Washington.

S&P 500 futures expiring in March increased less than 0.1% to 1,412.40. Dow Jones Industrial Average futures rose 12 points, or 0.1%, to 13,106.

U.S. Steel Corp. and Marathon Oil Corp. increased at least 1% to pace gains among commodity shares. Adobe Systems Inc. climbed 6.8% after the software company reported sales and profit that topped analysts' projections.

In China, the December preliminary reading was 50.9 for a purchasing managers' index released by HSBC Holdings Plc and Markit Economics, beating estimates.

The U.S. cost of living fell more than forecast in November as energy prices dropped. President Barack Obama and Republican House Speaker John Boehner remained deadlocked yesterday during their third White House meeting on next year's budget.





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