Canada's main stock index pointed to a lower open, tracking weakness in U.S. stock index futures after President-elect Donald Trump's news briefing provided little clarity on future fiscal policies, disappointing bulls who had bet on major stimulus.
The S&P/TSX Composite powered ahead 61.11 points to close Wednesday at 15,487.39
The Canadian dollar leaped 0.47 cents to 76.44 U.S. early Thursday
MEG Energy says its 2017 capital budget will be nearly four times higher than last year's spending, as the company also outlined plans to refinance its debt.
Onex Corp is exploring a sale of USI Insurance Services, hoping that a deal will value the U.S. insurance brokerage at as much as $4 billion, including debt, according to people familiar with the matter.
NBF raised the price target on DH Corp. to $24 from $18 saying the strategic review has the potential to create shareholder value beyond current levels.
Barclays raised the price target on Manulife Financial to $28 from $24 saying that the growth outlook provides a compelling investment opportunity.
Neptune Technologies & Bioressources is expecting Q3 earnings of two cents per share
Sandvine Corp also projects Q4 earnings of two cents per share
On the economic ledger, Statistics Canada reported its new housing price rose 0.2% in November compared with the previous month. The advance was largely driven by price increases for new housing in Ontario.
ON BAYSTREET
The TSX Venture Exchange faded 3.48 points Wednesday to 790.56
ON WALLSTREET
U.S. stock index futures pointed to a lower open on Thursday as traders eyed a number of Fed speakers, anticipated the release of data and continued to digest President-elect Donald Trump's first post-election press conference.
Ahead of the opening bell, futures for the Dow Jones Industrials slipped 35 points, or 0.2%, at 19,842. Futures for the S&P 500 dropped 5.25 points, or 0.2%, to 2,265.25. NASDAQ futures lost 14 points, or 0.3%, at 5,032.50
Trump shook the broader market temporarily on Wednesday when he criticized the pharmaceutical industry for its pricing practices and the production of drugs outside the U.S. He said he was looking to the industry to bid on drug prices.
Investors will keep an eye on a roster of Federal Reserve officials who are speaking at various events for any clues on interest rates and inflation. Philadelphia Fed President Patrick Harker speaks this morning at the Main Line Chamber of Commerce Annual Meeting in Malvern, Pennsylvania.
On the data front initial claims and import prices are due out this morning. On the earnings front, Delta Air Lines reported before the bell, with Infosys set to report after the bell.
European markets were slightly lower by early afternoon, where markets in Japan, Hong Kong, and pretty much everywhere else in Asia were lower.
Oil prices gained 91 cents to $53.16 U.S. a barrel
Gold prices added $5.10 to $1,201.70 U.S. an ounce.
