Futures on Canada's main stock index were trading higher on Thursday – suggesting a higher open -- as oil prices strengthened after a report showed a decline in U.S. crude inventories, lending support to the view that a global glut is nearing its end.
The S&P/TSX Composite thundered lower 92.15 points to close Wednesday at 15,830.22, with March futures moving up 0.2%.
The Canadian dollar gained 0.27 cents to 76.23 cents U.S. early Thursday.
Canadian Imperial Bank of Commerce reported a 13% rise in first-quarter earnings, buoyed by growth in its retail, wealth management and capital markets businesses.
Loblaw Cos reported a 57% rise in quarterly profit, helped partly by a drop in expenses in its retail segment and improved performances in its financial services and property businesses.
Crescent Point Energy reported a bigger quarterly loss from a year earlier, mainly hurt by one-time charges of about $457 million.
Canaccord Genuity raised the target price on Barrick Gold to $30 from $29.00, with a buy rating
CIBC raised the target price on Maple Leaf Foods to $35.00 from $34.00
CIBC raised the target price on West Fraser Timber to $59.00 from $50.00
On the economic ledger, Statistics Canada reported that average weekly earnings for Canadian non-farm workers grew 1% in December from the month before to $971.00, a hike of 1.2% from December 2015.
ON BAYSTREET
The TSX Venture Exchange retreated 8.24 points Wednesday – or nearly 1% -- to 836.73
ON WALLSTREET
U.S. stock index futures pointed to a flat-to-higher open on Thursday as traders digested remarks from new Treasury Secretary Steve Mnuchin.
Ahead of the opening bell, futures for the Dow Jones Industrials took on 26 points, or 0.1%, to 20,777. Futures for the S&P 500 nosed up 2.5 points, or 0.1%, to 2,363.5. NASDAQ futures regained 3.25 points, or 0.1%, at 5,354.25
Mnuchin told the media Thursday morning he wants to see "significant" tax reform passed before Congress' August recess.
Among companies reporting earnings, Hormel Foods reported before the bell. Baidu, Gap, Hewlett Packard Ent., Intuit and Nordstrom are among companies set to report after the bell.
Speaking of matters economic, initial jobless claims are set to come out at 8:30 a.m. ET, with the FHFA (Federal Housing Finance Agency) home price index set to be released at 9:00 a.m. Thursday will also see the auction of $28 billion U.S. in seven-year notes.
Oil prices gained a dollar to $54.59 U.S. per barrel.
Gold prices added $10.60 to $1,243.90 U.S. an ounce.
