U.S. stock futures pointed to a weak open Friday as the price of crude oil hit a new high.

The August crude contract traded at US$145.18 a barrel on the New York Mercantile Exchange on Friday morning, up by $4.53 from Thursday.

Here at home, Canada’s unemployment rate rose by one-tenth of a point in June to 6.2%. Statistics Canada said the country lost 39,200 full-time jobs while adding 34,200 part-time positions.

The Canadian dollar opened at US98.63¢, off 0.47 cent.

StatsCan also reported that Canada’s trade surplus with the world expanded in May, as exports to countries other than the United States reached their highest level ever and exports to the United States remained strong.

The trade surplus expanded to $5.5 billion in May, from $4.8 billion in April.

South of the border, the U.S. trade deficit unexpectedly narrowed during May despite sharply climbing oil prices, as the amount of crude purchased by volume declined and the nation’s overall exports increased.

The U.S. deficit in international trade of goods and services decreased by 1.2% to US$59.79 billion from April’s revised US$60.50 billion, the U.S. Commerce Department said today.

The University of Michigan reading on American consumer confidence is due later today.

In earnings news, General Electric Co. offered a mixed outlook across its business lines.

GE said its profit declined 6% from a year ago to US$5.07 billion, Revenue rose almost 11% to US$46.89 billion, but costs grew 15%. Earnings adjusted for one-time items met the analyst projection of 54¢ a share, while sales exceeded expectations.

In U.S. banking news, Citigroup announced it will sell its German retail banking operation to France’s Credit Mutuel for US$7.7 billion, while General Electric said it has agreed to sell its Japanese consumer finance unit to Shinsei Bank, a midsize Japanese bank.

Overseas, Japan’s Nikkei 225 index ended the day down 27.52 points to 13,039.69.

In Hong Kong, the blue-chip Hang Seng index added 362.77 points, or 1.7%, to close at 22,184.55.

European bourses were lower in midday trading. The FTSE 100 index was down 1.6% in London, while the German DAX fell 2.2% and the French CAC-40 declined 2%.

On Thursday, the Toronto Stock Exchange’s benchmark index finished higher at as energy stocks responded to a jump in oil prices.

The S&P/TSX composite index closed up 133.04 points, or 0.98%, at 13,743.88 — after falling almost 200 points on Wednesday.


The junior S&P/TSX Venture composite index ended its losing streak. The index rose 11.16 points, or 0.47%, to close at 2,383.65.

In New York, U.S. stocks finished higher after a turbulent session.

New York’s Dow Jones industrial average closed up 81.58 points to 11,229.02 following Wednesday’s 237-point loss, while the Nasdaq composite index was 22.96 points higher at 2,257.85.

The S&P 500 index was up 8.7 points to 1,253.39.