Toronto's main stock index looked set to open higher on Thursday, tracking global markets, as strong earnings from some global bellwether companies allayed fears of the economic slowdown biting into profits.
The S&P/TSX Composite Index nosed ahead 7.96 points, to close Wednesday at 11,579.15. Canada stock futures traded up 0.7%.
The Canadian dollar traded higher Thursday morning by 0.24 cents to 99.23 cents U.S.
Among Canadian stocks to watch, Nexen Inc's second-quarter profit fell 57% as it took a charge on a failed exploration well in the Gulf of Mexico.
Trucker Vitran Corp posted a wider second-quarter loss on weakness in its less-than- truckload shipping business in the United States.
Economically speaking, Statistics Canada reported this morning that wholesale sales rose 0.9% in May to $49.8 billion, mostly on the backs of sales increases in the computer and communications equipment and supplies industries, motor vehicles and food.
ON BAYSTREET
The TSX Venture Exchange hiked 5.59 points Monday to 1,182.34. The Nasdaq Canada index gained 2.31 points to 342.59.
ON WALLSTREET
U.S. stocks were set for a positive open Thursday as investors took in earnings from Morgan Stanley, Verizon and Nokia, while waiting for the latest reading on jobless claims and existing home sales.
Futures for the Dow Jones added 43 points, or 0.3%, to 12,903, about 30 minutes before the opening bell. Futures for the S&P 500 acquired 4.7 points, or 0.3%, to 1,372, and for the Nasdaq, futures gained 19 points, or 0.7%, to 2,639.
Morgan Stanley, the last of the big banks to report quarterly results, missed earnings and revenue forecasts, sending shares down more than 3%.
Tech firms also reported mixed results. Nokia's stock tumbled after the company reported a wider loss, and Verizon reported earnings in line with forecasts. Google and Microsoft will release theirs after the closing bell.
European stocks were positive in morning trading. Britain's FTSE 100 gained 0.3%, the DAX in Germany added 0.9% and France's CAC 40 edged up 0.6% .
Asian markets ended higher. The Shanghai Composite rose 0.7%, the Hang Seng in Hong Kong climbed 1.7% and Japan's Nikkei gained 0.8%.
Oil for August delivery rose 77 cents to $90.64 U.S. a barrel.
Gold futures for August delivery rose $10 to $1,580.80 U.S. an ounce.
