Futures Swoon as Investors Take in GDP Data

Nov 30, 2018 (Baystreet.ca via COMTEX) —

Futures for Canada’s main stock index fell on Friday ahead of releasing economic growth data, while oil prices dropped on swelling inventories.

The S&P/TSX Composite Index stayed positive 22.79 points to finish Thursday at 15,194.04

The Canadian dollar sank 0.11 cents at 75.21 U.S. early Friday

December futures dropped 0.6% Friday.

Canaccord Genuity started coverage on Corvus Gold with speculative buy rating

National Bank of Canada cut the price target on Dollarama to $44.00 from $48.00

Eight Capital raised the price target on Toronto-Dominion Bank to $94.00 from $93.00

In the economic docket, Statistics Canada reported Friday morning that gross domestic product grew 0.5% in the third quarter, following a 0.7% increase in the second quarter.

Real GDP edged down 0.1% in September, following seven consecutive months of growth.

The agency’s industrial product price index rose 0.2% in October, mostly driven by higher prices for meat, fish, and dairy products.

The raw materials price index fell 2.4%, mainly as a result of lower prices for crude energy products.

ON BAYSTREET

The TSX Venture Exchange slumped but 0.57 points to finish Thursday at 591.12

ON WALLSTREET

U.S. stock futures dropped on Friday, on the final trading day of November, as investors turned their focus to an upcoming gathering of world leaders in Argentina.

Futures for the Dow Jones Industrials subtracted 149 points, or 0.6%, to 25,242.

S&P futures docked 13.75 points, or 0.5%, to 2,730.50, while the NASDAQ Composite fell 34.75 points, or 0.5%, to 6,878.50.

It’s a light day for earnings, but Citi Trends Inc. is set to report Friday.

Trade news has again become the dominant focus for investors as President Donald Trump and Chinese leader Xi Jinping get set to meet at the summit. China hawk Peter Navarro, Trump’s trade advisor,

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