Canadian dollar, US index futures down ahead of North American market open

One of the factors weighing on the Toronto stock market was the low price of oil which is near US$40 a barrel – considered the level required for many Canadian oil producers to make a profit. 17, when it ended the trading day at 13,861.52. Concerns over a hard landing in China, and apprehension about an interest rate hike in the U.S. has dampened investor sentiment. The Caixin manufacturing PMI declined to 47.1 in August from 47.8 in July.

Global equity markets plummeted toward their worst week of this year while the beating in commodities continued as data out of China showed manufacturing in the country was slowing at the fastest pace since the financial crisis in 2009.

Thursday was the fourth consecutive day of losses. The index scaled an intraday high of 13,697.53 and a low of 13,468.72. By day’s end it had dropped by 299.63 points – over two per cent – and closed at 13,737.

When trading began, the S&P/TSX Composite Index was at 14,022.14.

Major U.S. markets and Canadian dollar also declined sharply on Friday.

The loonie traded at 76.39 cents US, down 0.06 of a U.S. cent from Thursday’s close.

Baytex Energy (TSE:BTE) fell 7.5% to C$6.13. (BCE.TO) shed 0.85%. (HBM.TO) surrendered 2.55 percent. The roiling equity markets has investors seeking a haven in gold, seen as an alternative investment.

The commodities-heavy TSX took another drubbing, with energy stocks falling 1.5 percent and materials sliding 2.9 percent. The leftist Greek government temporarily halted activity at some of the company’s operations earlier in the week. Agnico Eagle Mines also gained 7.6 percent. (POT.TO) dropped 2.52%. The healthcare group lost almost 5 percent. (CXR.TO) dived 6.40 percent and Extendicare Inc.

Valeant Pharmaceutical global (VRX.TO) dropped 2.16 percent.

The Capped Information Technology Index declined 1.89%, as BlackBerry Limited (BB.TO) slipped 1.73%. Silver Wheaton (SLW.TO) is declining by 0.99 percent and Agrium (AGU.TO) is lower by 2.36 percent.

Of the index’s 10 main groups, only telecoms were on higher ground, up 0.8 percent. Potash Corp. of Saskatchewan Inc.

Up 1% from March 2014 – March 2015. (FTT.TO) dipped 2.55 percent.

December gold soared $25.30 to US$1,153.20 an ounce.

The consumer discretionary index fell 1.55 per cent. The consumer staples sector’s 1.17-per-cent decline pulled the index into the red for the year. Economists were expecting the sales to increase to 1.0%. The data comes on the heels of weaker-than-expected economic data in July, the yuan’s devaluation this month and a stock market plunge.

Germany’s producer prices dropped at a slightly slower pace as expected in July, data from Destatis revealed Thursday. The reading reached a 4-month high in August. Energy stocks were the only advancers among the index’s 10 main groups. Economists had forecast it to remain unchanged at 10.1.