The Toronto stock market headed for a positive open Thursday amid rising commodity prices.
The S&P/TSX Composite Index fell 33.15 points to conclude Wednesday at 12,608.82
The Canadian dollar was down 0.1 of a cent to 101.31 cents U.S. Thursday morning.
In corporate developments, Sun Life Financial Inc. and Khazanah Nasional Berhad are teaming up to purchase 98% of a Malaysian life insurance company from its two current owners, which include British insurance group Aviva PLC.
Sun Life and Khazanah are purchasing the CIMB Aviva Assurance Berhad life insurance company as well as CIMB Aviva Takaful Berhad for a total shared cost of $586 million.
On the economic beat, Statistics Canada revealed this morning that our investment in foreign securities improved to $7.8 billion in November, nearly all in U.S. instruments.
The nation’s number-crunchers also said that foreign investment in Canadian securities eased to $5.6 billion, mainly federal government debt instruments. Nevertheless, the average monthly foreign investment in Canadian securities still stands well above that of Canadian investment in foreign securities since 2009.
ON BAYSTREET
The TSX Venture Exchange let go of 1.59 points Wednesday to 1,230.20
ON WALLSTREET
Corporate earnings are to continue Thursday, but it's Boeing at centre-stage as governments around the world ground its 787 Dreamliner fleet.
Futures for the Dow Industrials improved eight points to 13,445. Futures for the S&P 500 gained 6.5 points, or 0.4%, to 1,472.10, and futures for the Nasdaq took on 12.25 points, or 0.5%, to 2,738.25
Regulators in Europe, India and Japan joined the Federal Aviation Administration after it grounded all Dreamliner planes. They cited worries about onboard lithium-ion batteries that have twice caught fire recently. Boeing shares fell 3% in premarket trading.
Bank of America posted fourth-quarter earnings that fell from a year earlier but topped forecasts. The bank's results included charges related to its portion of last year's $26-billion U.S. foreclosure settlement alongside four other banks. Revenue fell short, though, and shares fell more than 1% in premarket trading.
Citigroup reported profits that missed expectations, partly due to high legal costs amounting to $1.3 billion U.S. Chief Executive Michael Corbat cited "an environment that remains challenging." Shares fell 2% in premarket trading.
BlackRock, the world's largest asset manager, reported better-than-expected earnings of $3.96 per share. Shares rose more than 3%.
American Express, Capital One and Intel will report results up after the close.
Overall, S&P 500 companies are expected to report earnings growth of 3.2% for the last three months of 2012, according to S&P's Capital IQ.
As for economic data, the government's weekly report on initial jobless claims came in at 8:30 a.m. ET, as well as the Census Bureau's data on housing starts and building permits for December.
European markets were mixed in early trade. The FTSE 100 slipped as mining company Rio Tinto replaced its CEO after taking a $14-billion U.S. writedown on its aluminum and coal businesses.
In Asia, Japan's Nikkei closed narrowly higher, but the Hang Seng slipped and the Shanghai Composite fell more than 1%
Oil prices strengthened 49 cents to $94.77 cents U.S. a barrel
Gold prices gave back $1.80 an ounce to $1,681.40 U.S.
