Equities in Toronto looked set to open higher on Thursday, tracking global markets, as favorable Chinese factory data and signals that the Federal Reserve would keep stimulating U.S. growth brightened the outlook for Canadian equities.
The S&P/TSX composite was down 30.34 points to close Wednesday at 12,195.50. Futures poked up 0.8%.
The Canadian dollar took on 0.18 cents Thursday morning to 100.80 cents U.S.
On a day without economic news in the pipeline, the main stories involve companies like Potash Corp of Saskatchewan, which reported a 22% drop in third-quarter earnings, just below analysts' expectations, as sales of its namesake crop nutrient to China and India slipped.
Elsewhere, Nexen said it still expects a $15.1-billion takeover bid by China's CNOOC Ltd to close in the current quarter.
Cenovus Energy Inc, Canada's number-two independent oil producer, reported a 43% rise in third-quarter operating profit on higher production.
Precision Drilling said third-quarter profit fell 53% on reduced oil and gas drilling activity in North America and that demand will remain weak if natural gas prices don't recover.
Imax third-quarter profit rose 79%, driven mainly by strong box office revenue and continued network growth globally.
Agnico-Eagle Mines Ltd. reported a quarterly profit on record gold production on Wednesday and boosted its output forecast for the year by 5%.
ON BAYSTREET
The TSX Venture Exchange gave back 2.38 points Wednesday to 1,287.12
ON WALLSTREET
Stock futures were higher Thursday, as investors sorted through the latest corporate results and economic data.
Futures for the Dow Jones Industrials leaped 51 points, or 0.4%, to 13,072, about 30 minutes before the opening bell. Futures for the S&P 500 accumulated 7.20 points, or 0.5%, to 1,412.50, and for the Nasdaq, futures increased 16.75 points, or 0.6%, to 2,667.25
Dow component Procter & Gamble reported mixed quarterly results, but maintained its outlook for the full year. Rival consumer products maker Colgate said earnings rose in the past quarter, even as sales declined. Colgate also announced a restructuring plan that includes cutting its workforce by 6% over the next four years.
Unilever, another consumer name, reported solid third-quarter results as growth in emerging markets offset weakness in developed economies.
ConocoPhillips said earnings fell 31% in the third quarter as oil prices sank.
Sprint reported a net loss in the third quarter that widened from the same period last year. Tech giants Apple and Amazon will report after the bell.
On the economic front, the U.S. government said initial jobless claims fell to 369,000 in the week ended October 20, down from 392,000 in the previous week. Economists had expected claims to fall to 375,000, according to a survey of analysts.
The U.S. Census Bureau said new orders for durable goods rose 9.9% in September, up for the fifth month in a row. Durable goods orders were expected to have increased by 8%.
In Europe, the U.K. government reported that the gross domestic product grew 1% in the third quarter, lifting the nation's economy out of recession.
European markets were higher in morning trading. Britain's FTSE 100 rose 0.3%, the DAX in Germany added 0.5% and France's CAC 40 rose 0.5%.
Meanwhile, Asian markets ended mixed. The Shanghai Composite lost 0.7%, while the Hang Seng in Hong Kong gained 0.2%. The Nikkei 225 jumped 1.1% on hopes the Bank of Japan will ease monetary policy when it meets next week.
Oil for December delivery rose 75 cents to $86.47 U.S. a barrel.
Gold futures for December delivery rose $15.60 to $1,717.40 U.S. an ounce.
