Toronto's main stock index looked set to open lower on Thursday, as economic data showing the euro-zone's recession deepened threw a first quarter recovery into doubt and rattled European shares.
The S&P/TSX composite index dropped 13.74 points to close Wednesday’s session at 12,775.28, with this morning’s futures down 0.4%.
The Canadian dollar poked ahead 0.05 cents to 99.89 cents U.S. early Thursday
Barrick Gold reported a quarterly loss, after booking a $3.8-billion impairment charge to write down the value of its Lumwana copper asset. Even so, its shares were slightly higher in pre-market trading.
Rio Tinto's new chief signaled he would slash costs, focus on selling weak assets and spend more carefully after the world's number-three miner reported a $3-billion U.S. full-year loss, its first ever.
Cenovus Energy Inc reported a fourth-quarter operating loss as it wrote down the value of its natural gas assets in southeast Alberta, and said it expects more pressure on costs this year due to higher fuel and power prices.
Encana Corp, Canada's largest natural gas producer, posted a 28% rise in fourth-quarter operating profit, helped by its hedging program.
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The TSX Venture Exchange gained 5.29 points to 1,204.23
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Investors head into Thursday taking in new government jobless claims data and the latest round of corporate results.
Futures for the Dow Industrials dropped 36 points, or 0.3%, to 13,922. Futures for the S&P 500 fell back 2.6 points, or 0.2%, to 1,514.60, and futures for the NASDAQ surrendered 7.25 points, or 0.3%, to 2,763.
In earnings news, General Motors released quarterly results that missed expectations, sending shares slightly lower in pre-market trading.
PepsiCo logged better-than-expected earnings, and shares edged 2% higher.
Warren Buffett's Berkshire Hathaway and 3G Capital have agreed to buy Heinz for $28 billion U.S. Shares of the ketchup-maker spiked 17%.
US Airways and American Airlines parent AMR officially announced an $11-billion U.S. deal to create the world's largest airline. Shares of US Airways rose more than 1%.
Shares of Constellation Brands surged in pre-market trading after Anheuser-Busch InBev agreed to give up key assets in an effort to address antitrust issues related to is proposed takeover of Mexican brewer Grupo Modelo.
Cisco shares fell 2% in pre-market trading, after Cisco CEO John Chambers took a cautious tone with his outlook as the company reported earnings roughly in line with forecasts. Shares of Mondelez sank 5% after the food producer logged earnings that missed expectations after the close on Wednesday.
As of Wednesday, 65% of the companies in the S&P 500 that had reported fourth-quarter earnings came in ahead of analysts' expectations, according to S&P Capital IQ. But the bulk of companies that have issued guidance for the first quarter had a negative outlook.
The U.S. Labor Department reported that the number of Americans filing for first-time unemployment insurance fell by 27,000 to 341,000 in the latest week.
European markets drifted lower in morning trading, after weaker-than-expected GDP figures from Germany and France pointed to a deepening recession in the euro-zone.
Asian markets ended higher. Hong Kong's Hang Seng added 0.9% as traders returned from an extended holiday.
The Nikkei added 0.5% despite data showing Japan's economy has contracted in each of the three most recent quarters. The weak performance is likely to increase the clamor for more aggressive fiscal and monetary stimulus measures.
Oil prices nipped up 12 cents to $97.13 U.S. a barrel
Gold prices faded 40 cents an ounce to $1,644.70 U.S.
