Resource stocks could give the Toronto stock market early lift amid rising prices for oil and metals.
However, the tone for the trading session could be set by the first reading of how the American economy expanded during the fourth quarter.
The Canadian dollar traded above parity with the U.S. dollar, up 0.2 of a cent to 100.03 cents U.S. The loonie hasn't closed above parity since the end of October
Research In Motion will be in focus after Fairfax Financial Holdings doubled its stake in the BlackBerry maker. A filing with the U.S. Securities and Exchange Commission shows Fairfax raised its stake to 5.12% of the company after Fairfax head Prem Watsa joined RIM’s board Jan. 22, the same day RIM shook up its management roles with its co-CEOs being replaced.
In other earnings news, Wood-based panels maker Norbord Inc. posted a $9-million loss in the fourth quarter as the company continued to be affected by troubles in the U.S. housing market.
Sales were $229 million, down from $240 million.
While Europe's debt crisis still looms in the background, U.S. investors digested news Friday about stronger economic growth at home.
Investors were slightly disappointed with Washington’s fourth-quarter GDP reading before the market open, hoping for data to back up growing optimism about the nation's economic recovery.
The world’s largest economy grew by an annual rate of only 2.8% over the previous quarter, short of analysts’ predictions of 3.2%. Even so, the number was up from 1.8% in the third quarter.
As a result, Dow futures – a barometer of how the market was going to go when it opened within the hour – remained somewhat flat, gaining only 19 points, or 0.2%, to 12,703, while S&P futures nicked up only 0.7 points, or 0.05%, to 1,316, and Nasdaq futures improved 6.75 points, or 0.3%, to 2,460.
The University of Michigan will release the final January installment of its Consumer Sentiment Index. Meanwhile, results are in from companies including Chevron, Ford and Procter & Gamble.
Anxiety continues to loom over Greece's ongoing negotiations with private-sector creditors in an attempt to reduce its debt burden. Without an agreement, the country jeopardizes its access to bailout funds and might not be able to make a €14-billion debt payment due March 20.
European stocks were mostly lower in midday trading. Britain's FTSE 100 dropped 0.5%, while the DAX in Germany was flat and France's CAC 40 fell 0.7%.
Asian markets ended mixed. The Hang Seng in Hong Kong added 0.3% and Japan's Nikkei was flat. Shanghai wrapped up a week-long celebration for Chinese New Year
Oil for March delivery rose 48 cents to $100.18 U.S. a barrel.
Gold futures for February delivery fell $2.70 to $1,724 U.S. an ounce
Metal prices also improved with the March copper contract on the Nymex ahead two cents to $3.92 U.S.
Related Stories
