Futures for Canada's main stock index bounced higher on Thursday, supported by higher U.S. crude prices amid positive comments from China on its trade war with the United States.
The S&P/TSX Composite popped 88.06 points to close mid-week Wednesday at 16,271.65
The Canadian dollar zoomed 0.16 cents to 75.30 cents U.S. early Thursday
September futures vaulted 0.7% Thursday.
TD Bank Group fell short of analysts' estimates for quarterly profit, hurt by higher provisions for loan losses and sluggish growth in its domestic retail unit.
Scotiabank raised the target price on Hudson's Bay Co. to $11.00 from $9.45
Credit Suisse cut the price target on Husky Energy to $16.00 from $18.00
Credit Suisse cut the price target on Imperial Oil to $38.00 from $39.00
On the economic front, Statistics Canada reported that average weekly earnings by non-farm employees averaged $1,026 in June, down 0.5% from the previous month, and up 2.5% on a year-over-year basis.
ON BAYSTREET
The TSX Venture Exchange regained 0.18 points Wednesday to 583.82
ON WALLSTREET
U.S. stock index futures turned positive Thursday after China said it wished to resolve its protracted trade dispute with the world’s largest economy with a "calm" attitude.
Futures for the Dow Jones Industrials popped 271 points, or 1%, to 26,308
Futures for the S&P 500 gained 28.5 points, or 1%, at 2,918.25
NASDAQ futures leaped 93.25 points, or 1.2%, to 7,692.50
When asked about its ongoing trade war with the U.S., China’s commerce ministry reportedly said Thursday that it was opposed to escalating trade tensions. The comments appeared to soothe investor concerns at a time when many are worried about the possibility of a global recession.
Trade bellwethers Boeing and Caterpillar rose at least 1% each in the pre-market. Micron Technology gained 2%.
Abercrombie & Fitch, Best Buy and Dell Technologies are among the firms reporting earnings today.
In the U.S., the latest weekly jobless claims, a second reading of second-quarter gross domestic product and advance economic indicators for July are all scheduled to be released early this morning.
Pending home sales for July will follow slightly later in the session.
Overseas, in Japan, the Nikkei 225 faded 0.1% Thursday, while in the Hong Kong, the Hang Seng index gained 0.3%
Oil prices gained 57 cents to $56.35 U.S. a barrel.
Gold prices dipped 70 cents to $1,548.40 U.S. an ounce.
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