Canada's main stock index looked set to open higher on Thursday ahead of U.S. jobless claims data which could give hints on the health of the world's largest economy and the future of the Federal Reserve's monetary easing policy.
The S&P/TSX Composite Index tumbled 150.32 points, or 1.2%, to end Wednesday at 12,443.65, with morning futures trading up 0.2%.
The Canadian dollar took on 0.26 cents to 96.93 cents U.S. early Thursday.
Major Drilling Group reported a 93%year-on-year drop in fourth quarter earnings on Wednesday as hard-hit mining companies canceled or delayed their exploration plans.
Medical isotope supplier Nordion Inc. reported lower quarterly profit on Wednesday, weighed down by higher costs at two of its segments.
Raymond James resumed coverage of Alamos Gold Inc. with an outperform rating, says the company presents a relatively low-risk investment proposition for investors looking for exposure to the mid-cap gold producer group
Speaking of things economic, the Ivey PMI release is due out for May at 10 a.m. ET
ON BAYSTREET
The TSX Venture Exchange fell 11.46 points Wednesday to 947.44
ON WALLSTREET
U.S. markets were headed for a bounce Thursday, trying to stage a comeback from the recent selloff that sent stocks down roughly 2% over the past two days.
Futures for the Dow Industrials acquired 50 points, or 0.3%, to 15,009. Futures for the S&P 500 gained 7.4 points, or 0.5%, to 1,615.40, and futures for the NASDAQ added 10.75 points, or 0.4%, to 2,949.25
Persistent worries about the slowing economy and when the Federal Reserve will start tapering its bond buying program has had investors on edge this week.
U.S. stocks fell sharply Wednesday, with the Dow closing below 15,000 for the first
Shares of SodaStream rallied in premarket trading on speculation that PepsiCo may be trying to buy the soda maker. But the stock lost some of its fizz after PepsiCo CEO Indra Nooyi told CNBC the rumors were untrue.
Thursday brings more economic news for investors to chew on.
Ahead of the U.S. opening bell, the European Central Bank and the Bank of England both left their main interest rates unchanged, as expected.
In the United States, the government will release its weekly report on initial unemployment insurance claims this morning. Economists are expecting 348,000 new jobless claims to have been filed in the week ended June 1, according to a Briefing consensus.
Friday brings the government's closely watched monthly jobs report. Analysts say this report could be particularly important given the questions about how long the Fed will continue its bond-buying program.
European investors showed little reaction to monetary policy announcements from the ECB and Bank of England, though the euro surged to a four-week high against the U.S. dollar.
Asian markets ended the day in the red. Japan's Nikkei 225 index fell by another 0.9%, after dropping nearly 4% in the previous session. The Tokyo index has fallen more than 17% since May 22, when it hit its highest level in five and a half years.
Hong Kong's Hang Seng lost 1.1% and the Shanghai Composite Index declined by 1.3%
Oil prices ticked 54 cents higher to $94.28 U.S. a barrel
Gold prices gained $4.20 to $1,402.70 U.S.
