Futures for stocks on Canada’s largest stock stage pointed to a higher opening for Canada's main stock index on Thursday as oil prices recovered from multi-month lows after data showed U.S. crude and gasoline stockpiles fell.
The S&P/TSX Composite Index handed back 1.07 points to close Wednesday at 15,148.53. September futures took on 0.2% early Thursday.
The Canadian dollar gained 0.16 cents to 75.19 cents U.S. early Thursday.
Home Capital Group said billionaire Warren Buffett's Berkshire Hathaway Inc will provide a new $2-billion line of credit to its unit Home Trust Co, ending the Canadian lender's strategic review process.
Deutsche Bank cut the target price on First Quantum Minerals to $18.00 from $22.00.
Desjardins cut the target price on Loblaw Companies to $81.00 from $85.00
Eight Capital raised the price target on Empire Company to $20.00 from $19.00
On the economic slate, Statistics Canada reported that the number of regular Employment Insurance beneficiaries fell by 7,000, or 1.3%, to 541,200 in April, a sixth consecutive monthly decline.
The agency also said retail trade rose 0.8% to $48.6 billion in April. Sales were up in nine of 11 sub-sectors, representing 71% of total retail trade. Excluding sales at motor vehicle and parts dealers, retail sales climbed 1.5%
ON BAYSTREET
The TSX Venture Exchange strengthened 1.71 points Wednesday to 771.80
ON WALLSTREET
U.S. stock index futures pointed to a flat to slightly higher open on Thursday, as investors geared up for a cluster of data releases.
Ahead of the opening bell, futures for the Dow Jones Industrials let go of 13 points to 21,365. Futures for the S&P 500 dipped 1.75 points, or 0.1%, to 2,431.75. NASDAQ futures slipped 5.75 points, or 0.1%, to 5,790.25.
Petroleum will be front and centre for investors on Thursday, as prices continue to fluctuate over concerns of a glut in the market.
Among companies displaying earnings Thursday, Accenture posted quarterly results before the bell; Bed Bath & Beyond and Sonic are set to report their latest corporate results after the close.
In other corporate news, shares of American Airlines jumped more than 5% after the airline disclosed Qatar Airways had approached the firm about taking a large stake in the company.
In economic data, jobless claims are due out this hour, followed by the FHFA House Price Index and the Kansas City Fed Manufacturing Index, expected at 11 a.m. ET.
Elsewhere, the Federal Reserve board is set to release the results from the latest supervisory stress tests conducted as part of the Dodd-Frank Act.
European markets were trading lower as of noon on the continent, while, in Asia, the Nikkei 225 in Japan dropped 0.1%, while Shanghai’s CSI 300 squeaked higher 0.1%
Oil prices improved 20 cents to $42.73 U.S. per barrel.
Gold prices took on $7.60 to $1,253.40 U.S. an ounce.
