Canadian stock futures pointed to a lower opening for the main stock index, a day after the Toronto Stock Exchange posted its highest close since September 2014.
The S&P/TSX Composite hiked 113.72 points to close Wednesday at 15,516.75
The Canadian dollar galloped 0.7 cents to 75.2 U.S. early Thursday
Penn West Petroleum raised its 2017 capital budget to $180 million from $150 million, and said it expected a 15% increase in production from core areas
CIBC raised the target price on Air Canada to $19.50 from $17.50 to reflect the significant turnaround that has taken place at the airline including its improved profitability, long-term labour agreements, increased margin of safety, and stronger balance sheet.
CIBC raised the target price on Encana Corp to $14.00 from $12.00, citing that the fourth-quarter results have the potential to be a positive catalyst.
Goldman Sachs cut the target price on Kinross Gold to $5.20 from $5.40 as a result of FX flow-through.
On the economic slate, Statistics Canada’s industrial product price index The Industrial Product Price Index rose 0.3% in November. Higher prices for motorized and recreational vehicles and primary non-ferrous metal products were largely moderated by lower prices for energy and petroleum products.
The raw materials price index decreased 2.0%, mainly due to lower prices for crude energy products in the same month.
ON BAYSTREET
The TSX Venture Exchange popped 6.77 points Wednesday to 780.54
ON WALLSTREET
U.S. stock index futures pointed to a lower open on Thursday amid a slew of economic data.
Ahead of the opening bell, futures for the Dow Jones Industrials dropped six points at 19,850. Futures for the S&P 500 fell 2.25 points, or 0.1%, to 2,262. NASDAQ futures decreased 5.5 points, or 0.1%, at 4,928.
On the earnings front, Walgreens Boots Alliance reported a surprise drop in sales, but raised the lower end of its fiscal 2017 earnings forecast. Helen of Troy, PriceSmart and Ruby Tuesday are set to come out after the bell.
Economically speaking, the ADP employment report showed private employers added 153,000 jobs last month, below the expected 170,000. Initial jobless claims came in better than expected, totaling 235,000, while economists expected them to total 260,000.
Moreover, the Markit services Purchasing Managers Index is out at 9:45 a.m., and ISM non-manufacturing data released at 10:00 a.m.
The data deluge comes a day after the Federal Reserve released the minutes from its December meeting. The minutes showed the central bank is concerned that fiscal stimulus could lead to rates rising at a faster pace.
Oil prices gained 44 cents to $53.70 U.S. a barrel
Gold prices hiked $10.90 to $1,176.20 U.S. an ounce.
