Canadian Stocks May Withstand European Headwinds -- Canadian Commentary

(RTTNews) - Canadian stocks look to finish another strong week on a high note Friday, but dismal economic news from Europe may darken moods ahead of the weekend.

U.K. private sector activity contracted at the steepest pace since early 2009 after the "Brexit vote", the results of the flash survey by Markit showed.

The flash composite output index fell to an 87-month low of 47.7 in July from 52.4 in June. A score below 50 indicates contraction.

The TSX Composite was up 32.26 points, or 0.22 percent, at 14,565.83 -- its highest since August, 2015.

Struggling drug maker Valeant (VRX.TO) will be in focus after the US FDA rejected an approval for its experimental eye drug.

The Saskatchewan government says oil from a Husky Energy (HSE.TO) pipeline has spilled into the North Saskatchewan River.

Husky said it swung to a net loss of C$196 million ($150 million) last quarter.

Suncor Energy (SU.TO) has for the first time set a specific goal for greenhouse gas reductions by 2030, the company announced.

In other economic news, Canadian retail sales growth tailed in May.

Following a 0.9 percent increase in April, retail sales rose 0.2 percent to C$44.3 billion in May.

Meanwhile, Canada's Consumer Price Index (CPI) rose 1.5 percent in the 12 months to June, matching the gain in May.