Futures pointed to a lower opening for Canada's main stock index on Thursday, as oil prices fell on the possibility of higher output from Saudi Arabia and Russia offsetting tighter supplies following the sanctions on Iran, as well as a jump in global bond yields.
The S&P/TSX Composite Index worked its way up 54.82 points to conclude Wednesday at 16,072.05
The Canadian dollar inched up 0.05 cents to 77.74 cents U.S. early Thursday
December futures descended 0.3% Thursday
Sources say the two countries struck a private deal in September to raise oil production to cool rising prices.
Canadian mergers-and-acquisitions activity nearly doubled in the third quarter, fueled by deals in the mining, real estate and cannabis sectors.
Canaccord Genuity raised the target price on Aecon Group to $23.00 from $22.00
CIBC cut the price target on TMAC Resources to $7.00 from $8.50
On the economic slate, Western University’s Ivey School of Business issues its Purchasing Managers’ Index for September this morning (circa 10 a.m. ET)
ON BAYSTREET
The TSX Venture Exchange recovered 2.79 points Wednesday to 707.25
ON WALLSTREET
U.S. stock index futures fell ahead of Thursday's open as rising interest rates dampened investor sentiment.
Futures for the Dow Jones Industrials fell 92 points, or 0.3%, to 26,780
S&P 500 futures hesitated 10.5 points, or 0.4%, to 2,921, while futures for the NASDAQ composite slumped 42.25 points, or 0.6%, to 7,622.50
In corporate news, Constellation Brands and Costco are scheduled to publish earnings.
On Thursday, jobless claims are due out at 8:30 a.m. ET, followed by factory orders at 10 a.m. ET. September's non-farm payrolls data is due out Friday morning.
Overseas, in Japan, the Nikkei 225 slipped 0.6% Thursday, while in Hong Kong, the Hang Seng fell 1.7%
Oil prices dropped 22 cents to $76.19 U.S. a barrel.
Gold prices improved $3.10 to $1,206 U.S. an ounce.
