Markets in Toronto looked set to open higher as investors turned attention to the Group of 20 meeting at which policymakers will debate monetary expansion policies and debt levels around the world.
The S&P/TSX index gained 49.05 points to end Thursday’s trading at 11,996.34, after sinking to a five-month low on Wednesday.
Futures hiked 0.5% early Friday
The Canadian dollar picked up 0.06 cents to 97.54 cents U.S. early Friday.
The euro-zone will slow its budgetary belt-tightening to help reinvigorate economic growth, a top European Union official said on
Thursday, highlighting a policy shift the United States has long been pressing for.
RBC raised the rating on National Bank of Canada to outperform from sector perform, citing the company's attractive valuation relative to its peer group.
RBC cut the target price on Silver Wheaton Corp. to $33 from $48 on valuation.
On the economic slate, Statistics Canada reported this morning that the Consumer Price Index rose 1.0% in the 12 months to March, following a 1.2% increase in February, mostly due to falling gasoline prices.
The agency also said that wholesale sales were unchanged at $48.8 billion in February, after rising 0.5% in January.
ON BAYSTREET
The TSX Venture Exchange improved 9.34 points to conclude Thursday at 932.94
ON WALLSTREET
Stocks look set to recover from two straight days of losses Friday as investors digest another horde of corporate earnings.
Futures for the Dow Industrials gained 41 points, or 0.3%, to 14,451. Futures for the S&P 500 advanced seven points, or 0.5%, to 1,541, and futures for the NASDAQ perked 13 points, or 0.5%, to 2,752.50
A big week for corporate earnings concludes Friday with results due before the opening bell from a trio of big firms.
McDonald's reported higher quarterly revenues and profit, but a decline in same-store sales. Shares fell 2% in pre-market trading. Honeywell reported an increase in first quarter earnings, pushing up its stock price by 1%.
General Electric reported better-than-expected earnings and revenue, though the conglomerate ended the quarter with a big backlog of equipment and services. Shares fell more than 2%.
A trio of tech heavyweights reported after the bell Thursday.
IBM reported first-quarter results that fell short of estimates, prompting its stock to drop 4%. Microsoft got a big boost in its latest earnings report from strong Windows 8 sales, pushing up its stock 2%.
Google earnings topped estimates, even as the search giant faces challenges with how to make money off mobile ads and its Motorola smartphone unit. The company's stock rose nearly 2% in pre-market trading.
Chipolte's share price rose 5% after reporting earnings on Thursday that showed increases in revenue, income and same-store sales.
Dell's stock fell more than 2% following reports that Blackstone dropped its bid to buy the computer company.
Analysts expect earnings for S&P 500 companies to rise by 1.85%, according to S&P Capital IQ. So far, 91 S&P 500 companies have reported, with 64 beating forecasts, 19 missing and eight in-line.
European markets moved higher in morning trading, led by the CAC 40 in Paris with a gain of 1.4%, while Asian markets also ended firmer.
The Shanghai Composite closed up 2.1%, Hong Kong's Hang Seng up 2.3% and Japan's Nikkei up 0.7%.
Oil prices picked up 41 cents to $88.14 U.S. a barrel
Gold prices tacked on $12.20 to $1,404.70 U.S.
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