Canada's main stock index futures pointed to a higher open on Thursday as positive data from China and euro-zone hinted at improving global growth.
The S&P/TSX Composite Index plummeted 95.11 points to close Wednesday at 12,486.64. Futures were up 0.6%.
The Canadian dollar faded 0.13 cents to 97.13 cents U.S. early Thursday
Traders also digested big losses handed in by two major gold miners and an announcement from TransCanada Corp that it is going ahead with its Energy East pipeline project to transport crude oil to Canadian refineries and export terminals.
Suncor Energy Inc posted a second-quarter profit that missed analyst expectations by a penny as earnings were affected by factors including the precautionary shutdown of third-party pipelines due to flooding in northern Alberta.
Bombardier Inc reported a 22% rise in second-quarter profit, helped mainly by growth in its train business.
Barrick Gold Corp posted a second-quarter loss, hit by a massive $8.7-billion impairment charge resulting from declining metal prices, and cut its dividend by 75%.
Enbridge Inc, Canada's largest pipeline company, reported a 12% rise in second-quarter adjusted profit due to higher contracted volumes.
Pharmacy benefit manager Catamaran Corp said it would buy privately held Restat LLC for $409.5 million to expand its client base.
Yamana Gold reported a loss in the second quarter, hit by lower realized commodity prices, and it reduced its production target for the year to reflect a drop in metal prices and cost-cutting.
On the economic front, the RBC Canadian Manufacturing Purchasing Managers’ Index is due out simultaneously with the opening bell at 9:30 a.m. ET.
ON BAYSTREET
The TSX Venture Exchange gained 2.93 points Wednesday to 917.34
ON WALLSTREET
August is off to a positive start, with investors calmed by indications that the U.S. Federal Reserve will not be too hasty when scaling down its massive bond-buying program.
Ahead of the opening bell, futures for the Dow Industrials hiked 114 points, or 0.7%, to 15,547. Futures for the S&P 500 took on 12.10 points, or 0.7%, to 1,692.60, and futures for the NASDAQ gained 19.75, or 0.6%, at 3,102.75
Major automakers are also set to release their monthly sales results throughout the day.
On the corporate front, Procter & Gamble reported better-than-expected earnings and sales for its fiscal fourth quarter.
Exxon Mobil reported quarterly earnings that fell short of forecasts, citing weaker refining margins, while revenue topped estimates.
Shares of DirecTV fell after the satellite television provider posted earnings that widely missed forecasts. LinkedIn is due after the close.
Cigna reported a jump in earnings that beat even the most bullish forecasts of analysts, while Time Warner Cable also met forecasts with its improved profit.
Sony reported first-quarter results showing a 13% jump in sales compared with the same quarter a year earlier. The revenue boost was largely the result of a weaker yen and stronger smartphone sales.
Yelp shares jumped 9% in pre-market trading after the online review site reported a smaller-than-expected quarterly loss late Wednesday.
Shares of J.C. Penney rebounded 9% in pre-market trading following a 10% selloff Wednesday.
The retailer issued a statement early Thursday disputing reports that CIT had cut off some of the credit to its suppliers due to concerns about Penney's ability to pay them. However, an analyst for Citigroup cut her recommendation on the stock to a sell from neutral.
Overall, U.S. stocks finished largely unchanged Wednesday. But looking at July as a whole, the markets made some impressive moves higher.
All three major indexes gained between 4% and 7%.
The U.S. government will publish its weekly report on initial jobless claims before the opening bell rings At 10 a.m., the Institute for Supply Management will release its monthly manufacturing sentiment index, while the Census Bureau will issue data on construction spending.
European markets posted small gains in morning trading. Investors are waiting for the latest monetary policy decisions from the central banks in the region. The Bank of England left rates unchanged and kept its steady at £375 billion. The European Central Bank also left rates unchanged. ECB president Mario Draghi will host a press conference this morning.
Investors and economists expect that both central banks will maintain their current policy and leave rates unchanged.
Asian markets all closed with gains, with investor sentiment buoyed by the latest Fed statement and China's purchasing managers' index data.
Oil prices spiked $1.86 to $106.93 U.S. a barrel
Gold prices gained $11.90 to $1,324.90 U.S. an ounce.
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