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Futures Pointed Downward on Korea Tensions

Aug 11, 2017 (Baystreet.ca via COMTEX) --

Stocks in Canada's largest centre were poised to go downhill in the first hour or so of trading Friday, as the escalating war of words between the United States and North Korea drove investors toward the yen, Swiss franc and gold.

The S&P/TSX Composite Index thundered lower by 143.08 points to close Thursday at 15,074.25

September futures dipped 0.2% Friday morning.

The Canadian dollar dropped 0.2 cents to 78.69 cents U.S. Friday morning.

Telus Corp. reported a smaller-than-expected profit, as higher costs and weak growth in its wireline unit offset gains from its national wireless business.

Magna International reported better-than-expected quarterly revenue and profit, helped by higher demand, and raised its full-year sales forecast.

Manulife Financial on Thursday played down reports that it is exploring an initial public offering of U.S. unit, John Hancock.

CIBC raised the rating on Aimia Inc. to neutral from underperform

Canaccord Genuity raised the rating Computer Modelling Group to hold from sell

Canaccord Genuity raised the rating on Medical Facilities to buy from hold

ON BAYSTREET

The TSX Venture Exchange swooned 4.16 points Thursday to 758.57

ON WALLSTREET

U.S. stock index futures pointed to a fourth-straight day of losses Friday, as rising tensions between the U.S. and North Korea add more jitters to market sentiment worldwide.

Ahead of the opening bell, futures for the Dow Jones Industrials fell eight points to 21,828. Futures for the S&P 500 dropped 1.5 points, or 0.1%, to 2,436. NASDAQ futures slid 8.5 points, or 0.2%, to 5,780.

Entering Friday's session, the Dow was on track to post its worst weekly performance since March 24, while the S&P 500 stared at its biggest weekly loss since the week before the U.S. election.

The Dow has fallen more than 275 points during the past three days, with Thursday's selloff losing 204 points.

The S&P and the Dow are down more than 1% this week.

Investors also parsed a slew of quarterly earnings, including Snap's results. The company reported weaker-than-expected results across the board, sending the stock down more than 15% in the pre-market.

Overseas, Shanghai's CSI 300 surrendered 1.9%. Japanese markets were closed for the Mountain Day holiday.

Oil prices fell nine cents to $48.50 U.S. per barrel.

Gold prices gained $2.60 to $1,292.70 U.S. an ounce.

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