Toronto's main stock index was set to open lower on Thursday after data showed manufacturing activity in Europe and most of Asia contracted and the European Central Bank gave a downbeat view of the economy.
Among Canadian stocks to watch this morning, Toronto-Dominion Bank reported its fourth-quarter profit rose a stronger-than-expected 58% due to a rise in mortgage lending and trading fees.
Bombardier Inc. trumpeted a 31% rise in third-quarter profit, helped by strength at both its plane- and train-making divisions.
U.S. indexes were mixed before trading begins, suggesting that stocks might fall at the start of trading. Futures for the Dow Jones industrial average were up three points or 0.02%. Futures for the broader S&P 500 were down three points or 0.2%.
Both indexes enjoyed their biggest one-day rallies in three-and-a-half months on Wednesday after central banks coordinated their efforts in reducing costs of U.S. dollar borrowing for commercial banks, in an effort to reduce strains on the financial system. The Dow surged 490 points or 4.2%.
Oil prices were down 38 cents to $99.98 U.S.
The Canadian dollar was down 0.12 cents to 98.10 cents U.S.
In European trading on Thursday morning, the U.K.'s FTSE 100 was up 0.5% but Germany's DAX index was down 0.4%. Bank of England's governor Mervyn King warned that Europe's sovereign-debt crisis was "extraordinarily serious and threatening", while the economic damage was "characteristic of a systemic crisis."
In Asia, Japan's Nikkei 225 rose 1.9% in overnight trading, while Hong Kong's Hang Seng index rose 5.6%.
In China, manufacturing activity contracted in November -- heightening the risks that the country's economy is slowing too much. However, steps are already being made to help the situation: On Wednesday, Chinese authorities lowered the reserve ratios for banks in an effort to help stimulate the economy.
Meanwhile, investors will be looking at upcoming economic data from the United States. Weekly initial jobless claims were released at 8:30 a.m. (ET), followed by the Institute for Supply Management (ISM) manufacturing index at 10 a.m.
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