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Stocks Set to Pop at Open
Stock futures pointed to a higher opening for Canada's main stock index on Thursday as oil prices edged up after dropping to one-month lows Wednesday.
The S&P/TSX Composite Index plunged 92.42 points to close Wednesday at 15,372.14. June futures spiked 0.3% early Thursday.
The Canadian dollar dipped 0.02 cents to 74.01 cents U.S. early Thursday.
Valeant Pharmaceuticals International Inc said it would sell its iNova Pharmaceuticals business for $930 million in cash as it looks to pay down debt.
Government officials say Hudson's Bay Co has not yet applied for a Montreal city permit to transform a historic downtown property into a Saks Fifth Avenue store, raising prospects the luxury chain could miss its targeted fall 2018 launch.
Mexico's tax agency is holding over $360 million in tax rebates owed to six Canadian miners, including $230 million to Goldcorp, thus escalating the situation into a showdown between the Mexican government and Canadian mining firms operating there.
TD Securities raised the target price on Dollarama to $135.00 from $125.00
Jefferies cut the target price on First Quantum Minerals to $14.00 from $18.00
BMO raised the rating on Cott Corp. to outperform from market perform
On the economic ledger, Statistics Canada reported that buyers of new homes in Canada saw prices rise 0.8% in April, the largest monthly increase since May 2016. Higher prices in Toronto and Vancouver led the gain.
Meantime, Canada Mortgage and Housing Corporation put housing starts at 214,621 units in May, compared to 213,435 units in April
ON BAYSTREET
The TSX Venture Exchange gave back 7.7 points Wednesday to 792.88
ON WALLSTREET
U.S. stock index futures pointed to a slightly higher open Thursday, as investors braced themselves for news out of a slew of economic and political events.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 10 points, or 0.1%, to 21,173. Futures for the S&P 500 inched up 1.75 points, or 0.1%, to 2,433.75. NASDAQ futures took on 12 points, or 0.2%, to 5,891.75
Earnings will be announced today by Cantel Medical, J.M. Smucker, and Vail Resorts.
On the data front, jobless claims are slated to come out at 8:30 a.m. ET, followed by the Quarterly Services Survey, out at 10 a.m. ET.
U.S. investors will also be paying close attention to a testimony by former FBI Director James Comey, who is set to speak and answer questions in front of the Senate Intelligence Committee; marking the first time the former director will speak publicly since being dismissed by President Donald Trump.
The European Central Bank's governing council kept interest rates unchanged, as was widely expected. This marks the fifth consecutive quarter that the central bank has held rates steady at 0%. In a statement, the council said it is ready to increase its quantitative easing program if needed. ECB President Mario Draghi was scheduled to speak at about 8:30 a.m. ET.
Meanwhile in Europe, U.K. citizens are heading to polling stations Thursday, to vote in the British general election which was called earlier this year. Investors will keep a close eye on moves in sterling over the next two days, to see how the currency reacts to the election outcome.
European markets were posting slight gains as of noon on the continent, as Britons marked their ballots, while, in Asia, the Nikkei 225 in Japan faded 0.4%, while Shanghai’s CSI 300 gained 0.8%
Oil prices sifted off 27 cents to $45.45 U.S. per barrel.
Gold prices lost $7.80 to $1,285.40 U.S. an ounce.
