(Reuters) – Futures for Canada’s major stock index dropped on Friday. This was due to weak global cues following data that showed an increase in U.S. Inflation. However, higher crude oil prices provided some relief.

March futures on the S&P/TSX index were down 0.4% at 06:41 a.m. ET. ET.

The International Energy Agency stated that although oil markets have become tighter, prices are still expected to fall weekly due to inflation concerns and U.S. Iran. This could increase global supplies. [O/R]

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.3% lower on Thursday. ()

They were at 06:41 am. 0.43% down, or 152 point. ET was down by 21.75 point, or 0.488%, and down by 102 points (or 0.69%). [.N]

TOP STORIES [TOP/CAN]

Manufacturer of auto parts Magna International (NYSE:) Inc announced a 13.7% drop in its quarterly revenue Friday. This was due to semiconductor shortages, which have wreaked havoc with global auto production.

Canadian oil companies export record quantities of crude from the U.S. Gulf Coast by the end 2021. A trend which should continue over the next few months as tight international oil markets demand heavy, sour crude.

Canada plans to request to join Australia, the United Kingdom, and the U.S. to take part in consultations.

HIGHLIGHTS ON ANALYST REsearch [RCH/CA]

Constellation Software Inc. RBC increases target price from C$2,700 to C$2,800

Definity Financial Corp. RBC raises the target price to C$35, from C$32

Precision Drilling (NYSE 🙂 Corporation: Atb Capital Markets lifts the target to C$98 starting at C$91

Telus (NYSE) Corp: National Bank of Canada – Target price for Telus to rise from C$35

COMMODITIES at 7:00 a.m. ET

: $1,826.9; -0.5% [GOL/]

US crude oil: $90.58. +0.78% [O/R]

: $91.99; +0.63% [O/R]

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($1= C$1.2725)