The Toronto stock market is likely to open slightly negative on Thursday morning as commodity prices pull back and investors await action from Europe's central bank.
The S&P/TSX Composite index traded down 46.18 points to close Wednesday at 11,618.53.
The Canadian dollar gained 0.35 cents Thursday morning to 99.80 cents U.S.
In corporate developments, Enbridge Inc. says its second-quarter profit shrank by 96% to $11 million, as a decline in the fair value of its derivatives portfolio offset gains in the company's operational profit.
Gildan Activewear Inc. says its third-quarter profit fell to $78.6 million U.S., almost $10 million below the same time last year, as it absorbed restructuring and other costs related to an acquisition in May.
ON BAYSTREET
The TSX Venture Exchange gained 6.55 points to 1,189.63. The Nasdaq Canada index inched up 1.33 points to 335.12.
ON WALLSTREET
U.S. stocks were poised to open slightly higher as investors pin their hopes on action from the European Central Bank, a day after the U.S. Federal Reserve stopped short of offering a fresh round of stimulus to the economy.
Futures for the Dow Jones Industrials picked up 64 points, or 0.5%, to 12,987, about 30 minutes before the opening bell.
Futures for the S&P 500 gained 6.9 points, or 0.5%, to 1,377.30, and for the Nasdaq, futures gained 15.5 points, or 0.6%, to 2,640.50
General Motors shares were up modestly after the auto delivered quarterly earnings of $1.5 billion U.S., topping forecasts, despite "headwinds" in Europe.
Shares of Green Mountain Coffee Roasters were solidly higher in early trading Thursday, a day after the company reported quarterly earnings that beat expectations. The company also announced plans to buy back up to $500 million U.S. in shares.
After the Federal Reserve refrained from taking new action to jumpstart the economy, investors turned their focus to the E.C.B. and the central bank's president, Mario Draghi.
While the E.C.B. left interest rates unchanged at the conclusion of a highly-anticipated meeting, Draghi is on tap elaborate on the central bank's policies at a press conference later Wednesday morning.
Hopes are high that Draghi will announce some form of new action after he pledged last week that the E.C.B. would do "whatever it takes" to preserve the euro.
European stocks rose in afternoon trading. Britain's FTSE 100 and the DAX in Germany added 0.3% and France's CAC 40 ticked up 0.6%.
As expected, the Bank of England held its key interest rate at a record low of 0.5% and left its bond-buying program target unchanged at £375 billion ($585 billion U.S.).
Asian markets ended mixed. The Shanghai Composite lost 0.6% and the Hang Seng in Hong Kong fell 0.7%, while Japan's Nikkei edged higher 0.1%.
Oil for September delivery rose 17 cents to $89.08 U.S. a barrel.
Gold futures for August delivery fell $1.90 to $1,601.08 U.S. an ounce.
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