Canada's main stock index looked set to open higher on Thursday after better-than-expected Chinese export data lured investors to riskier assets.
The S&P/TSX composite index gained 17.43 points to end Wednesday at 12,522.24, with futures up 0.4% Thursday morning.
The Canadian dollar took on 0.21 cents to 101.45 cents U.S. Thursday morning
China's export growth rebounded surprisingly sharply to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown, but subdued global demand means that the spike may not herald an enduring recovery.
Yamana Gold Inc estimated fourth-quarter production of about 322,800 gold equivalent ounces, and lowered its gold production forecast for 2013.
Pharmacy chain whiz Jean Coutu Group Inc. reported a 10% rise in third-quarter profit as sales at its generic drug manufacturing subsidiary, Pro Doc, rose.
Economically speaking, Statistics Canada said its New Housing Price Index rose 0.1% in November, following a 0.2% increase in October.
Moreover, building permits were issued worth $6.2 billion in November, down 17.9% from October and the lowest level since January 2012. This follows a 15.9% increase in October.
ON BAYSTREET
The TSX Venture Exchange grew 3.58 points to 1,228.96
ON WALLSTREET
U.S. markets point to a second day of gains Thursday, as strong Chinese export data and hope about corporate earnings give stocks a boost.
Futures for the Dow Industrials hiked 45 points, or 0.3%, to 13,370. Futures for the S&P 500 gained 7.6 points, or 0.5%, to 1,463.40, and futures for the tech-rich Nasdaq added 18 points, or 0.7%, to 2,740
No S&P 500 companies are scheduled to report quarterly results. Wells Fargo will report Friday, making it the first major financial institution to release its fourth-quarter figures.
Overall, analysts expect earnings for companies in the S&P 500 to grow 3.3% in the fourth quarter versus last year, according to S&P Capital IQ. Banks and companies in the consumer sector are expected to lead earnings growth.
In other corporate news, nutritional supplement company Herbalife is expected to respond to charges from hedge fund manager Bill Ackman that it's running a pyramid scheme. Grocery store chain Supervalu will report its quarterly results in the morning.
Shares of Nokia were up more than 20% in premarket trading, after the phone company reported better-than-expected earnings for its handset business.
Investors may react to a new number on the labour market out Thursday. The number of people filing for initial jobless claims rose 4,000 to 371,000 in latest week, U.S. government says.
European markets were mixed in morning trading. The FTSE100 and Germany's DAX were steady, but France's CAC 40 slipped.
Both the European Central Bank and the Bank of England held interest rates at record lows on Thursday morning. The ECB also cut its forecast for the euro-zone economy.
Asian markets ended up on the day following positive trade data from China.
Exports were up 14% in December over last year, China's government said in a report that topped expectations. The Shanghai Composite added 0.4%, the Nikkei advanced 0.7% and the Hang Seng jumped 0.6%
Oil prices zoomed $1.22 to $94.32 cents U.S. a barrel
Gold prices added eight dollars an ounce to $1,663.50 U.S.
