The Toronto stock market headed for a strong advance Thursday morning ahead of a much-anticipated news conference by the president of the European Central Bank.
Mario Draghi was expected to lay out details of a bond buying program that would help alleviate higher borrowing costs that have squeezed the most vulnerable members of the euro-zone, including Spain and Italy.
The S&P/TSX Composite index moved up 48.44 points to end Wednesday at 11,990.14
The Canadian dollar regained 0.49 cents Thursday morning to 101.47 cents U.S.
Canadian employment data will also be released Friday. Statistics Canada is expected to announce the economy cranked out about 11,000 jobs.
ON BAYSTREET
The TSX Venture Exchange regained 3.69 points to 1,246.27.
ON WALLSTREET
U.S. stock futures pointed to a higher open Thursday, as the investors await details about the European Central Bank's bond-buying plan, along with a smattering of reports on the U.S. labour market.
Futures for the Dow Jones Industrials grew 72 points, or 0.6%, to 13,122, about 45 minutes before the opening bell. Futures for the S&P 500 gained 8.7 points, or 0.6%, to 1,412.20, and for the Nasdaq, futures were higher by 14.25 points, or 0.5%, to 2,781.75.
The central bank announced it would leave interest rates unchanged at 0.75% Thursday morning, but investors were waiting to hear what ECB president Mario Draghi has to say during press conference later on. Draghi is expected to offer up details about the bond-buying program.
The plan is expected to be aimed primarily at Spain and Italy, which have been struggling with unsustainably high borrowing costs. Investors' hopes were raised last month, when Draghi said he would do "whatever it takes" to preserve the euro.
Meanwhile, the Bank of England left its benchmark rate unchanged at 0.5%.
On the domestic front, a handful of reports on unemployment and hiring are due out, which will give investors a preview of what the domestic jobs picture looks like ahead of Friday's monthly employment report.
The government is expected to report Friday that employers added 120,000 jobs in August, according to economists. Investors will be paying especially close attention to Friday 's jobs report since it will likely influence the U.S. Federal Reserve's decision on whether it will announce more quantitative easing at the conclusion of its next meeting on Sept. 12-13.
Britain's FTSE 100 added 0.6%, the DAX in Germany rose 1.3% and France's CAC 40 gained 1%.
Second-quarter growth in the euro area decreased by 0.2% compared with the previous quarter, according to second estimates released by Eurostat on Thursday. GDP for the eurozone was 0.5% lower than the same quarter last year.
Asian markets closed higher Thursday. The Shanghai Composite edged up 0.7% and the Hang Seng in Hong Kong added 0.3%, while Japan's Nikkei ended slightly above breakeven.
Oil for October delivery rose $1.10 to $96.46 U.S. a barrel.
Gold futures for December delivery gained $17.50 to $1,713.80 U.S. an ounce.
