Toronto's main stock index looked set to open lower on Friday, tracking global markets, after JP Morgan's $2-billion loss hurt financial stocks and disappointing Chinese industrial data raised worries about a steeper slowdown in the world's second-largest economy.
The S&P/TSX Composite Index added 61.16 points to close Thursday at 11,736.17, breaking a six-session losing streak.
The Canadian dollar traded this morning up 0.32 cents to 100.13 cents U.S.
In Canada, investment firm Gluskin Sheff and Associates Inc. reported lower first-quarter profits compared with a year ago as the company managed less money.
The company earned $5 million, or 17 cents per diluted share, in its latest quarter, down from $7.2 million, or 24 cents, per diluted share a year ago. Revenue fell to $19.5 million from $22.8 million as both management and performance fees dropped.
Elsewhere, oil and gas producer Enerplus Corp. reported a loss for the first quarter as prices of dry gas and natural gas liquids fell and the company said it was looking to sell some of its assets.
Broadcast equipment marker Miranda Technologies Inc. reported a lower quarterly profit on foreign exchange losses.
Celtic Exploration Ltd. posted a first-quarter loss on lower gas prices and lowered the production forecast hit by gas plant outages in Alberta.
Osisko Mining Corp. reported a profit on Thursday as it ramped up production at its Canadian Malartic gold mine, but a fire that broke out there Wednesday night shut down operations.
Metals whiz North American Palladium Ltd. posted a narrower first-quarter loss as production at its flagship mine in Ontario rose.
Jobs numbers are due in Canada this morning, as are wholesale inflation and consumer sentiment numbers south of the border.
ON BAYSTREET
The TSX Venture Exchange gained 9.62 points to 1,355.31, while the Nasdaq Canada gained 0.15 points to 379.47.
ON WALLSTREET
Negative news promised a tough trading day ahead in New York, as futures for the Dow Jones Industrials plunged 71 points, or 0.6% to 12,763. S&P 500 futures were last down eight points or 0.6% to 1,349.60. Nasdaq 100 futures fell 8.75 points, or 0.3%, to 2,610.
JPMorgan Chase & Co. shares sank in the post market in heavy volume after the bank said it expects to lose $800 million U.S. this quarter on complex investments made by its own traders.
Its shares are down about 6% in extended trading and other bank stocks are suffering heavy losses as well. Citigroup shares are down 3.4% and Bank of America stock is down 2.6%. The news quickly led to renewed calls in Washington for a heavier-handed approach by regulators to monitoring banks' trading activity, and traders were left to speculate whether other bank portfolios face similar risks.
Elsewhere in the post market, Nordstrom Inc. shares fell 5% as the upscale retailer’s quarterly earnings fell short of Street expectations. Fiscal first-quarter profit of 70 cents U.S. proved a nickel less than Street forecasts.
European stocks were lower in midday trading. Britain's FTSE 100 and the DAX in Germany both slipped 0.3%, while France's CAC 40 shed 0.8%.
Asian markets ended in the red. The Shanghai Composite closed down 0.6%, as did Japan's Nikkei, while the Hang Seng in Hong Kong lost 1.3%.
Oil for June delivery lost 96 cents to $96.12 U.S. a barrel.
Gold futures for June delivery tumbled $13.20 to $1,582.30 U.S. an ounce.
