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Korea Tensions Weigh on Futures

Aug 10, 2017 (Baystreet.ca via COMTEX) --

Stocks in Canada's largest market were set to follow global markets lower on Thursday as investors sought refuge in safe-haven assets following exchange of more threats between the United States and North Korea.

The S&P/TSX Composite Index slipped 39.02 points to close Wednesday at 15,217.33. September futures tumbled 0.4% Thursday morning.

The Canadian dollar faded 0.15 cents to 78.62 cents U.S.

North Korea dismissed warnings by U.S. President Donald Trump that it would face "fire and fury" if it threatened the United States and outlined detailed plans for a missile strike near the U.S. Pacific territory of Guam.

Manulife Financial Corp and Sun Life reported second-quarter earnings on Wednesday that beat market estimates, benefiting in part from strong growth in Asi

Fertilizer giant Agrium reported quarterly profit and revenue on Wednesday that edged past analysts' estimates, helped by higher selling prices for potash.

First Quantum Minerals said on Wednesday it plans to suspend operations at its Ravensthorpe nickel mine in Western Australia at the beginning of next month due to persistently weak nickel prices, sending its shares lower.

Credit Suisse raised the target price on Pan American Silver to $25.00 from $23.00

National Bank of Canada raised the target price on Stella-Jones to $48.00 from $42.00

National Bank of Canada cut the target on Tahoe Resources to $8.50 from $9.75

On the macroeconomic slate, Statistics Canada reported new house prices eked up 0.2% nationwide in June, due largely to lack of momentum on prices in Southern Ontario.

This was down from a 0.8% increase in April and a 0.7% gain in May.

ON BAYSTREET

The TSX Venture Exchange shed 2.44 points Wednesday to 762.73

ON WALLSTREET

U.S. stock index futures pointed to a lower open on Thursday, as investors turned their attention to another batch of corporate earnings, while keeping their focus on rising tensions between North Korea and the U.S.

Ahead of the opening bell, futures for the Dow Jones Industrials slid 53 points, or 0.2%, to 21,965. Futures for the S&P 500 retreated 8.75 points, or 0.4%, to 2,464.25. NASDAQ futures lost 33.75 points, or 0.6%, to 5,888.75

Kohl's, Macy's, Blue Apron, Canada Goose, News Corp., Nordstrom, and Snap will be some of the leading brands set to publish earnings before and after the bell.

On the data front, a whole slew is set to come out this morning, including Producer Price Index data and jobless claims.

The Treasury Budget is also expected to keep investors on their toes, with it set to be released at 2 p.m. ET.

Earlier this week, President Donald Trump said that North Korea would face "fire and fury" if it continued to threaten the States, however North Korea has dismissed these warnings by the U.S. incumbent as a "load of nonsense".

Overseas, European markets were trading lower by noon on the continent, while the Nikkei 225 in Japan doffed 0.1%, and Shanghai's CSI 300 fell 0.4%

Oil prices gained 60 cents to $50.16 U.S. per barrel.

Gold prices picked up $7.40 to $1,286.70 U.S. an ounce.

********************************************************************** As of Sunday, 08-06-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-08-2012 for JWN @ $53.86. For more inform

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