Canada'a main stock index futures were higher on Thursday as oil prices rose after data showed an unexpected rise in China's exports.
The S&P/TSX Composite Index remained positive 19.18 points to close Wednesday at 14,830.74.
The Canadian dollar gained 0.49 cents early Thursday to 71.05 cents U.S.
June futures surged 0.7% Thursday.
Bombardier missed analysts' estimates for quarterly core profit, hurt by delayed deliveries of its business jets due to the COVID-19 pandemic, and forecast business activity to plummet in the second quarter.
Canadian Tire on Thursday reported a 0.7% rise in first-quarter comparable sales at its namesake stores, driven by a surge in online sales, even as its stores remained closed due to the coronavirus outbreak.
Canadian Natural Resources posted a quarterly loss on Thursday from a year-ago profit, hurt by a significant decline in crude oil prices caused by the COVID-19 outbreak and a price war between Saudi Arabia and Russia.
Magna International reported a 51% fall in quarterly adjusted profit on Thursday, hurt by a decline in global automobile production due to the coronavirus crisis.
Nutrien said on Wednesday it has seen limited impact from the coronavirus outbreak, but cut its annual forecast as oil downturn hit corn demand and potash prices are hard-pressed outside North America.
Manulife Financial reported a 34% drop in first-quarter core earnings on Wednesday, missing analyst expectations, on unfavorable market conditions and lower sales in Japan that weighed on earnings from Asia.
Enbridge on Thursday reported a loss for the first quarter compared with a profit a year earlier, hit by nearly $4 billion in charges related to its investment in DCP Midstream and derivative losses.
Eight Capital raised the target price Barrick Gold to $45.00 from $40.00
CIBC raised the target price on Franco-Nevada to $220.00 from $195.00
RBC raised the rating Sun Life Financial to outperform from sector perform
Western University’s IVEY School of Business puts out its Purchasing Managers’ Index for April this morning around 10 a.m.
ON BAYSTREET
The TSX Venture Exchange tailed off 1.65 points Wednesday to 478.02.
ON WALLSTREET
Futures contracts tied to the major U.S. stock indexes jumped in early trading Thursday as investors bet on the U.S. economy reopening soon and as oil prices rebounded.
Futures for Dow Jones Industrials popped 337 points, or 1.4%, early Thursday to 23,850.
Futures for the S&P 500 jumped 46 points, or 1.6%, at 2,879.50.
Futures for the NASDAQ Composite heightened 138 points, or 1.5%, to 8,988.25.
The gains came even as the government’s next jobless claims report was due later Thursday morning and was expected to show another three million jobs lost.
Energy stocks were among the biggest pre-market gainers as oil prices jumped 8% on Thursday, bringing their gain for the week to more than 30%. Stocks that would benefit from the reopening of the economy also gained in early trading, including Hilton Worldwide and MGM Resorts.
In corporate news, Peloton reported revenues surged 66% during its fiscal third quarter as more Americans bought fitness equipment for at-home use during the coronavirus pandemic. Critically, Peloton said it is seeing demand from new customers who’ve been inspired to buy one of its bikes amid the COVID-19 outbreak.
Investors are also bracing for the U.S. Labor Department’s key jobs report on Friday, when economists expect to see the unemployment rate to have rocketed to 16% in April from 4.4% in March. Dow Jones economists expect non-farm payrolls to have declined by about 21 million last month.
Meanwhile, China posted better-than-expected exports for April. Data from the General Administration of Customs released on Thursday showed exports rose 3.5% in April, versus expectations of a 15.7% decrease from economists.
Recent data out of China, where the earliest cases of the coronavirus were reported, have been closely watched by investors as the country was one of the first to ease lockdown measures.
Overseas, markets in Tokyo returned to business with the Nikkei 225 gaining 0.3%, while in Hong Kong, the Hang Sang index dropped 0.7%.
Oil prices gained $2.34 to $26.33 U.S. a barrel.
Gold prices jumped $10.40 to $1,698.90 U.S. an ounce.
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