Canada's main stock index looked set to open slightly higher on Thursday after data showed a pick-up at Chinese factories and the U.S. Federal Reserve pledged to maintain its stimulus program, bolstering hopes for the global economy.
The S&P/TSX index gained 52.68 points to finish the session at 12,826.55
The Canadian dollar spiked 0.35 cents to 97.83 cents U.S. early Thursday.
Yogawear retailer Lululemon Athletica Inc said it expected its earnings to fall in the current quarter, hurt by a recall of stretchy pants announced on Monday.
AstraZeneca's new chief executive announced another 2,300 job cuts in sales and administration on Thursday as he set out his stall for turning round the struggling drug maker and returning it to growth.
Enbridge Inc.’s U.S. unit said on Wednesday the costs of additional cleanup from a huge Michigan oil spill three years ago may push the total bill past the limit of its insurance coverage, hampering its financial results.
On the economic slate, Statistics Canada reported this morning that retail sales rose 1.0% to $38.9 billion in January, partially offsetting the decline in December, led by higher sales at motor vehicle and parts dealers.
What’s more, those of us receiving regular Employment Insurance benefits fell in January for the third consecutive month, down 8,500, or 1.6%, to 531,100. Compared with the previous January, the number of beneficiaries was down 8.8%.
ON BAYSTREET
The TSX Venture Exchange settled 0.54 points Wednesday to 1,105.97
ON WALLSTREET
Investors head cautiously into Thursday, as Cyprus once again takes a backseat to the economy.
Futures for the Dow Industrials were ahead 17 points, or 0.1%, to 14,425. Futures for the S&P 500 faded 0.7 points to 1,548.40, and futures for the NASDAQ stepped back 4.25 points, or 0.2%, to 2,781.
Just days after recalling see-through yoga pants, lululemon athletica reported earnings and sales that squeaked past estimates and said it was working closely with manufacturers to resolve the yoga pants issue. The company also said its current quarter and full year earnings would come in below analysts' forecasts.
Homebuilder KB Home is due to report before the open, while Nike is up after the bell.
Shares of Oracle sank more than 7% in pre-market trading, a day after the tech giant reported quarterly earnings that missed expectations.
A report on Chinese manufacturing showed activity expanded at a faster clip than expected by many economists. That may help quell worries about China's economy slowing down.
While Cyprus continues to heat up, investors have become less concerned about contagion spreading to other financial markets. Early Thursday, the European Central Bank told the troubled nation it had until Monday to sort itself out or face the consequences of a potential financial collapse and/or exit from the euro.
Meanwhile, the latest bond auction in Spain drew strong demand, even as European markets trended lower in morning trading.
Asian markets ended mixed. The Shanghai Composite added 0.3% and the Nikkei 225 increased 1.3%, while the Hang Seng declined 0.1%.
Oil prices wilted 16 cents to $93.34 U.S. a barrel
Gold prices gained $3.80 an ounce to $1,611.30 U.S.
