Futures edge higher on upbeat earnings; GDP data in focus
EWC•Earnings and deal updates
- Canadian auto parts supplier Magna International MG.TO raised its annual profit forecast following a second-quarter earnings beat.
- TMX Group X.TO and Pembina Pipeline PPL.TO both posted a rise in second-quarter net income late on Thursday.
- Market participants are awaiting GDP data for May, which is expected to be released at 8:30 a.m. ET.
- Separately, retailer Alimentation Couche-Tard ATD.TO said on Friday it plans to buy Poland's Zabka ZAB.WA for about $8.7 billion. The deal is expected to close by December 2026.
Commodities and broader market backdrop
- Meanwhile, gold dropped more than 1% as the U.S. dollar strengthened, but remained on course for its first monthly gain since February as investors pared back interest rate hike bets after the Federal Reserve meeting this week.
- Spot gold XAU= shed 1.1%, while silver XAG= slipped 1.7%. GOL/
- Oil prices were steady and on course for a monthly rise as traders assessed supply flows through key maritime chokepoints and developments in U.S.-Iran talks. O/R
Canadian futures edge higher ahead of GDP data
July 31 (Reuters) - Futures tracking Canada's blue-chip stocks edged higher on Friday as upbeat corporate earnings supported sentiment, while investors awaited domestic GDP data for May, due later in the day.
September futures tracking the resource-heavy S&P/TSX Composite index SXFc1 were up 0.1% at 7:00 a.m. ET. The index .GSPTSE is on track to post its fourth straight monthly gain.
