Toronto's resource heavy main stock index was set for a slightly higher open on Thursday, buoyed by strong commodity prices and better-than-expected German business sentiment, which rose for a fourth straight month.
The Canadian dollar increased 0.34 cents to 100.37 cents U.S.
Among Canadian stocks to watch, Potash Corp, the fertilizer producer, said on Wednesday it has extended temporary shutdowns at two of its largest potash mines as it battles to reduce inventories that are rising due to weak demand for the crop nutrient.
Coffee and doughnut chain Tim Hortons Inc. reported a 73% drop in fourth-quarter profit, but raised its quarterly dividend by 24%.
Offshore stocks continue to tread water, after the European Commission said it expects the euro-zone to suffer a mild recession this year -- a forecast that has been widely expected among market watchers.
U.S. index futures were up slightly with about 30 minutes before markets open, suggesting modest gains when trading begins. Futures for the Dow Jones industrial average rose 19 points or 0.1% to 12,935. Futures for the broader S&P 500 rose 1.8 points, or 0.1%, to 1,357.70, and for the Nasdaq Composite Index gained 6.25 points, or 0.2% to 2,585.
In Europe, major indexes were mixed: The U.K.'s FTSE 100 was up 0.2% and Germany's DAX index was down 0.4% in afternoon trading. There, the European Commission said it expects the region's economy to contract by 0.3% this year. That's a sharp reversal from its previous forecast for an expansion of 0.5%, but it suggests that the commission has few concerns about a deep recession at this point.
In Japan, the Nikkei 225 rose 0.4% in overnight trading, while Hong Kong’s Hang Seng Index dipped 0.8%.
Crude prices soared 0.3% to $106.58 U.S. a barrel
Gold prices 0.3% to $1,779.50 U.S. an ounce.
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