Canada's main stock index opened flat on Thursday, after a surprise sharp drop in U.S. retail sales in December tempered earlier optimism of a breakthrough in the U.S.-China trade talks.
The S&P/TSX Composite Index gained 24.42 points to begin Thursday’s session at 15,651.15
The Canadian dollar dropped 0.37 cents at 75.06 cents U.S.
Bombardier topped analysts' forecasts for quarterly earnings, led by a fall in costs and stronger sales at its business jets and aircraft design and maintenance unit.
Bombardier shares took on 19 cents, or 9.3%, to $2.23.
Telus reported a 4% rise in quarterly profit, as the telecom services provider registered growth across its wireless and wireline segments.
Telus clicked 18 cents to $47.08.
Canadian Tire reported a better-than-expected fourth-quarter profit on Thursday, helped by strong demand for toys and electronics.
Canadian Tire swooned $7.34, or 5%, to $139.67.
Canaccord Genuity cut the rating on Spin Master to hold from buy. Spin Master dipped $2.13, or 4.9%, to $41.71.
RBC raised the target price on TMX Group to $93.00 from $89.00. The company which runs the Toronto Stock Exchange saw its shares balloon $1.93, or 2.4%, to $82.56.
J.P. Morgan cut the target price on Teck Resources to $47.00 from $49.50. Teck shares gained 31 cents, or 1.1%, to $28.80.
On the economic slate, Statistics Canada said manufacturing sales declined for the third consecutive month, down 1.3% to $56.4 billion in December on lower sales of petroleum and coal products. Excluding petroleum, manufacturing sales declined 0.3%.
The agency also said new housing prices were unchanged at the national level for the fifth consecutive month in December.
New home builders in 17 of the 27 census metropolitan areas surveyed reported flat or lower prices in December. Prices at the national level were largely unchanged throughout 2018.
ON BAYSTREET
The TSX Venture Exchange faded 1.76 points to 608.23
Eight of the 12 TSX subgroups were positive in the first hour, with information technology up 2.6%, gold shining brighter 1%, and materials 0.7% stronger.
The four laggards were weighed most by consumer discretionary, down 1.2%, utilities, sliding 0.3%, and financials, off 0.2%.
ON WALLSTREET
Stocks fell on Thursday as the release of much weaker-than-expected retail sales data offset optimism around ongoing trade talks.
The Dow Jones Industrial Average dumped 201.1 points to begin Thursday at 25,342.17, led by losses in Coca-Cola.
The S&P 500 subtracted 10.64 points to 2,742.56, as the consumer staples and discretionary sectors lagged.
The NASDAQ Composite slipped 8.13 points to 7,412.64
Shares of Groupon and Dick's Sporting Goods underperformed.
Retail sales fell 1.2% in December, marking their biggest monthly drop since September 2009, according to The Commerce Department. The department also said retail sales fell 0.9% in December when excluding gasoline station sales.
The data were enough to dampen market sentiment as investors continue to follow news of the U.S.-China trade talks. President Donald Trump said Wednesday that talks were "going very well" as both sides look to reach an agreement before an early March deadline.
Furthermore, the South China Morning Post reported that Chinese President Xi Jinping will meet with U.S. delegates on Friday, including Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer.
Prices for the benchmark 10-year U.S. Treasury jumped, lowering yields to 2.65% from Wednesday’s 2.71%. Treasury prices and yields move in opposite directions.
Oil prices sank 69 cents to $53.21 U.S. a barrel.
Gold prices lost $2.40 to $1,312.70 U.S. an ounce.
