Canada's main stock index picked up at the open on Thursday as soft economic data from world's second biggest economy, China, kept hopes alive of action from major central banks to support declining global growth.
The S&P/TSX Composite index grew 72.99 points to open Thursday at 11,854.03.
The Canadian dollar moved higher 0.27 cents Wednesday to 100.84 cents U.S.
Stocks to watch this morning include Metro Inc., which reported a nearly 14% rise in quarterly profit on higher sales from its majority-owned ethnic food retailer Marché Adonis.
Asset manager Sprott Inc. said its second-quarter profit fell 90% on lower management fees.
WestFire Energy Ltd and Guide Exploration Ltd agreed to buy Guide Exploration for $198.2 million in a reverse takeover to create an oil and natural gas liquids-heavy company with presence in Alberta and Saskatchewan.
Cable behemoth Quebecor Inc. reported a higher second-quarter profit on growth in its telecommunications segment.
Cineplex Inc. said its second-quarter profit rose 56% on higher revenue from its premium-priced offerings.
Packaging and paper products whiz Cascades Inc. said its second-quarter profit fell on lower sales in Europe and currency exchange rate losses.
On the economic ledger, Statistics Canada reported this morning that this country’s merchandise imports rose 2.3% while exports improved 0.2% in June. So, Canada's trade deficit with the world nearly doubled in June to $1.8 billion, from $954 million in May.
The agency also said that its new housing price index continued on the march, adding 0.2% in June, after a rise of 0.3% the month before.
Canada Mortgage and Housing Corporation reported housing starts slowed in July. The seasonally-adjusted annualized rate of housing starts was 208,500 units in July, down from 222,100 units in June.
ON BAYSTREET
The TSX Venture Exchange slipped 0.69 points to 1,184.99. The Nasdaq Canada index added 1.07 points to 348.58.
All but one of the 14 Toronto subgroups were up to start the session. Energy stocks soared 1.6%, while information technology and consumer staples tacked on 0.9% each.
Only a 1.2% loss by health-care kept things from being unanimous.
ON WALLSTREET
U.S. stocks edged higher at Thursday's open as investors digested a handful of economic reports, including the latest data on unemployment claims and reports on the Chinese economy.
The Dow Jones industrial average gained 10.59 points to start Thursday at 13,186.23
The S&P 500 nipped higher by 2.19 points to 1,404.41. The Nasdaq grew 9.58 points to 3,020.83
Wendy's reported a $5.5-million U.S. loss for the second quarter, but the fast food chain's stock moved higher as sales at restaurants open at least 15 months rose 3.2% during the quarter.
Kohl's posted second-quarter results that beat estimates, but sales were weaker than expected. The retailer cut its forecast for the quarter and said it expects same-stores sales growth during the quarter to be flat to 2%.
Shares of Monster Beverage dropped after the energy-drink company delivered lower-than-expected earnings and revenue figures.
Nordstrom is schedule to report after the closing bell.
News Corp. reported quarterly results that met expectations on earnings but missed on sales.
Cisco shares jumped after Piper Jaffray analyst Troy Jensen raised his rating on the stock to Overweight from Neutral, and boosted his price target to $22 from $20 U.S. Cisco is slated to report fourth-quarter results next week.
U.S. stocks have been on a run recently, with four straight days of gains for the Dow and S&P 500 pushing the indexes to their highest levels since early May. But trading volume has been light and is expected to remain that way through Labour Day.
Investors sifted through a batch of U.S. economic reports, including a better-than-expected drop in initial jobless claims and a narrowed trade deficit.
A duo of economic reports out of China was also in focus. Industrial production in the world's second-largest economy slowed for a third straight month in July. However, inflation in China eased to the slowest rate in two-and-a-half years.
The data fueled hopes that China's central bank might intervene with more stimulus measures to boost economic growth.
Economically speaking, the number of first-time U.S. unemployment claims fell 6,000 to 361,000 last week, the government said. Analysts were expecting 375,000 claims during the week.
The U.S. trade deficit narrowed to $42.9 billion U.S. in June, from $48 billion U.S. the prior month. Analysts were expecting the deficit to stand at $47.5 billion U.S.
Later this morning, the Census Bureau will release data on June wholesale inventories, which are expected to have increased by 0.3%.
The price on the benchmark 10-year U.S. Treasury lost ground, pushing the yield up to 1.71% from 1.64% late Wednesday. Treasury prices and yields move in opposite directions.
Oil for September delivery gained in price 41 cents to $93.76 U.S. a barrel.
Gold futures for December delivery rose 50 cents to $1,116.50 U.S. an ounce.
