Markets in Toronto looked set to open lower on Thursday, as investors eyed earnings from major U.S. companies and a meeting in Europe designed to make progress in dealing with the region's debt crisis.
The S&P/TSX composite index gained 53.54 points to close Wednesday at 12,461.24. Futures pointed downward 0.1%
The Canadian dollar edged downward 0.02 cents Thursday morning to 102.05 cents U.S.
Forbes & Manhattan Coal said employees at its Magdalena and Aviemore underground mines in South Africa are on strike seeking higher wages.
Telus Corp. said its shareholders voted on Wednesday in favour of a proposal to exchange the company's non-voting shares for common shares on a one-for-one basis, dealing a blow to top stakeholder Mason Capital, which had argued voting class holders should receive a premium.
On the economic beat, Statistics Canada reported this morning that wholesale sales improved 0.5% in August to $49.7 billion, reversing a two-month losing trend. The main agents were higher sales in the food, beverage and tobacco subsector.
The agency also said that 534,400 Canadians received regular Employment Insurance benefits in August, up 16,400, or 3.2%, from July. The figure had been somewhat stagnant for months.
ON BAYSTREET
The TSX Venture Exchange picked up 4.22 points to 1,304.
ON WALLSTREET
Stock futures were mixed Thursday as investors keep an eye on Europe, take in the latest round of corporate results and await the government's weekly data on initial jobless claims.
Investors will be on the lookout for any news out of a summit of European leaders convened to discuss closer ties between euro-zone countries. Leaders are meeting Thursday and Friday to discuss proposed reforms of the banking sector and more integrated budget policies.
Futures for the Dow Jones Industrials doffed nine points, or 0.1%, to 13,480, about 30 minutes before the opening bell. Futures for the S&P 500 shed 3.9 points, or 0.3%, to 1,453.20, and for the Nasdaq, futures fell 10.5 points, or 0.4%, to 2,760.
Morgan Stanley reported earnings before the opening bell that topped analysts' forecasts, posting earnings per share of 28 cents and revenue of $7.6 billion U.S. -- compared to the 24 cents a share and $6.4 billion U.S. in revenue that had been expected. Shares of the bank moved a bit higher following the news.
Nokia logged a loss in the third-quarter, but the results were better than expected -- sending shares of the mobile phone company 7% higher in pre-market trading. Meanwhile, Verizon posted earnings that met expectations, and shares rose slightly.
European stocks were mixed in morning trading. Britain's FTSE 100 edged 0.1% lower and the DAX in Germany added 0.3%, while France's CAC 40 slid 0.2%.
Meanwhile, it's more bad news for China after the Chinese government reported growth sales last quarter to its lowest level since early 2009.
China's economy rose at a 7.4% rate in the third quarter compared to the previous year, the National Bureau of Statistics said Wednesday. China's economy had grown at a 7.6% rate in the prior quarter.
Asian markets still managed to close higher. The Shanghai Composite climbed 1.2%, the Hang Seng in Hong Kong added 0.5%, and Japan's Nikkei 225 gathered 2%.
Oil for November delivery fell 34 cents to $91.78 U.S. a barrel.
Gold futures for December delivery slid $10.90 to $1,742.10 U.S. an ounce.
