Canada's main stock index is set to open higher after the European Central Bank cut interest rates by 25 basis points as inflation in the euro-zone fell below its target.
The S&P/TSX index went south 135.21 points, or 1.1%, to finish Wednesday at 12,321.29
The Canadian dollar gained 0.12 cents to 99.32 cents U.S. early Thursday.
Valeant Pharmaceuticals International Inc reported a 12 percent rise in adjusted quarterly profit due to higher product sales and raised its full-year adjusted profit forecast.
Manulife Financial Corp reported a lower first-quarter profit on weak insurance sales and higher expenses.
Gildan Activewear Inc reported a higher second-quarter profit, helped by lower cotton prices and higher sales across its printwear and branded businesses.
Catamaran Corp reported a higher-than-expected first-quarter profit, helped by the $4.4-billion acquisition of rival Catalyst Health Solutions.
The Pentagon is expected to clear Apple, Samsung and BlackBerry mobile devices for use on Defense Department networks in the next few weeks, part of an effort to ensure the military has access to the latest communications technology, a spokesman said on Wednesday. The news could be a catalyst for the company once known as Research In Motion.
On the economic slate, figures released this morning by Statistics Canada revealed that Canada's merchandise exports increased 5.1% in March and imports rose 1.7%. As a result, Canada's trade balance went from a deficit of $1.2 billion in February to a surplus of $24 million in March.
ON BAYSTREET
The TSX Venture Exchange let go of 3.86 points Wednesday to 961.94
ON WALLSTREET
U.S. stock futures were pointing up ahead of Thursday's open, indicating that the market may rebound a day after "sell in May" sentiment knocked 1% off U.S. stocks.
Futures for the Dow Industrials gained 59 points, or 0.4%, to 14,695. Futures for the S&P 500 picked up 6.5 points, or 0.4%, to 1,583.80, and futures for the NASDAQ gained 14 points, or 0.5%, to 2,877.50.
Investors headed into the day with more earnings reports to digest, as well as the news that the European Central Bank finally lowered interest rates.
General Motors stock jumped 3% in pre-market trading after the automaker beat expectations, despite a slight decline in revenue and profit.
Yelp shares surged more than 10% after the review site reported a narrower loss and sales that topped estimates on Wednesday.
Results are due in the afternoon from AIG, Kraft Foods and LinkedIn
Facebook shares rose in pre-market trading Wednesday after the company reported first-quarter sales that came in slightly ahead of forecasts but missed on earnings.
The U.S. government is to publish its weekly data on initial jobless claims this morning.
European markets were mixed in morning trading. The ECB cut its main interest rate by a quarter point to 0.5%. The bank had held rates at 0.75% since July 2012. The rate cut was widely expected due to the deteriorating economic conditions in Europe.
Asian markets ended lower after a disappointing report on activity in China's manufacturing sector. The Shanghai Composite declined 0.2%, the Hang Seng was off 0.3% and the Nikkei 225 dropped 0.8%
Oil prices moved higher by 50 cents $91.53 U.S. a barrel
Gold prices took on $10.40 to $1,456.60 U.S.
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