Stock futures pointed to a lower opening for Canada's main stock index, tracking weakness in U.S. stock futures and Europe.
The S&P/TSX Composite weakened 43.51 points to close Wednesday at 15,397.85
The Canadian dollar lost 0.15 cents to 75.23 cents early Thursday
Canadian Pacific Railway said on Wednesday its chief executive would leave five months earlier than originally expected and it reported a lower-than-expected adjusted quarterly profit. Hunter Harrison will officially step down on Jan. 31 and be replaced by Chief Operating Officer Keith Creel.
Cornish Lithium said it had reached a mineral rights agreement with Strongbow Exploration to explore for lithium in Cornwall, southwest England, stoking hopes for a British mining revival.
Canaccord Genuity cut the rating on AGF Management to sell from hold citing medium to long term EPS will be impacted by lower management fees at retail, in addition to headwinds towards net flows.
National Bank Financial cut the price target on Canadian Pacific Railway to $217.00 from $226.00 based on lower 2017 guidance.
Barclays raised the target price on IGM Financial to $39 from $37 on higher-than-forecast assets under management, raising estimates for 2017.
Barclays cut the price target on Metro Inc to $42 from $43 saying industry deflation and the company’s higher debt leverage are expected to constrain EPS growth to high single digits.
On the economic calendar, Statistics Canada reported that Canadian investors reduced their holdings of foreign securities by $7.9 billion in November, largely through sales of U.S. instruments. At the same time, foreign acquisitions of Canadian securities slowed to $7.2 billion, following a $15.8-billion investment in October.
Elsewhere, manufacturing sales rose 1.5% in November to $51.8 billion, following a 0.6% decline in October.
The agency attributes the rise to higher sales in the primary metal, petroleum and coal product, and chemical manufacturing industries.
ON BAYSTREET
The TSX Venture Exchange dropped 5.15 points Wednesday to 791.68
ON WALLSTREET
U.S. stock index futures pointed to a lower open on Thursday after the European Central Bank kept key interest rates unchanged as traders turned their attention to the confirmation hearing of Treasury nominee Steven Mnuchin.
Ahead of the opening bell, futures for the Dow Jones Industrials dropped two points at 19,733. Futures for the S&P 500 slid 0.25 points to 2,267.25 NASDAQ futures gained 0.75 points at 5,055,25
On the earnings front Bank of NY Mellon reported quarterly results before the bell. American Express and IBM are among companies set to report after the bell.
On the data front Thursday, housing starts spiked 11.3% in December, while initial jobless claims fell to 234,000.
The ECB also said it would keep it would continue its asset purchase program at 80 billion euros per month until March, then reduce it 60 billion euros per month. The central bank reiterated, however, its willingness to further intervene should the European economy worsen.
Stateside, Congress may ask Mnuchin questions about his role in his former firm's foreclosures on homeowners, but markets are also going to watch for the former Goldman Sachs partner's comments about the dollar. Comments about China and its currency will also be of big interest.
Oil prices gained 49 cents to $51.57 U.S. a barrel
Gold prices faded $11.10 to $1,201 U.S. an ounce.
