Canadian stock index futures pointed to a higher open on Thursday after recent U.S. economic data eased concerns that the U.S. Federal Reserve will move quickly to withdraw monetary stimulus.
The S&P/TSX Composite Index lost 53.52 points to end Wednesday at 11,951.90. Futures were up 0.4% early Thursday.
The Canadian dollar tacked on 0.34 cents to 95.79 cents U.S. early Thursday.
Raymond James cut the target price on Bombardier Inc. to $5.50 from $6 to reflect the company's CSeries first flight target date delay and to broadly recognize the derivative risk it likely places on the CSeries entry-into-service timeline.
Credit Suisse cut the target price on Pan American Silver to $14.50 from $20 due to lower silver price forecasts and the impact of potential impairment charges.
CIBC cut the target price on Teck Resources to $42 from $46 against the backdrop of a weak steel price dynamic.
German joblessness unexpectedly dropped in June and the unemployment rate remained close to its lowest level since reunification more than two decades ago, underscoring the strength of the domestic economy.
ON BAYSTREET
The TSX Venture Exchange erased 21.52 points to 860.84
ON WALLSTREET
After a rocky start to the week, U.S. equity markets have rallied for two consecutive days and it looks like they may still have room to run Thursday.
Futures for the Dow Industrials gained 62 points, or 0.4%, to 14,886. Futures for the S&P 500 added on 7.40 points, or 0.5%, to 1,602.90, and futures for the NASDAQ jumped 13.50 points, or 0.5%, to 2,896.50
In corporate news, home builder KB Home and ConAgra Foods will release quarterly results before the open, while Accenture and Nikewill release results after the market close.
On the economic slate, investors will be looking to jobs and income data Thursday morning for more clues about the strength of the economic recovery.
The U.S. Labor Department will release its weekly report on initial jobless claims. At the same time, the Commerce Department will release a report on Americans' personal income and spending for May.
A consensus of economists expects jobless claims to total 345,000 for the week ended June 22. Income is expected to have risen 0.2% in May, with a 0.4% gain for spending.
European markets were mixed in morning trading, with London's FTSE 100 heading up while the CAC 40 in Paris was pulling back. The benchmark French index rallied by more than 2% Wednesday.
Asian markets ended mixed. Japan's Nikkei 225 gained almost 3% in a banner day. China stocks were more subdued, with the Hang Seng closing up 0.5% and the Shanghai Composite declining 0.1%.
Oil prices up 21 cents to $95.71 U.S. a barrel
Gold prices added $5.70 to $1,235.50 U.S.
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