Equity markets in Toronto looked set to open lower on Thursday amid a slew of second-quarter corporate earnings and as investors remained on edge on persistent worries about China's slowdown following weak economic data.
The S&P/TSX Composite Index fell 73.08 points to end Wednesday at 12,672.30. Futures were down this morning 0.2%.
The Canadian dollar gained 0.17 cents to 97.13 cents U.S. early Thursday
Teck Resources Ltd reported a sharp drop in second-quarter earnings on lower copper and coal prices and cut its capital spending plan through 2014, delaying new mining projects.
Potash Corp of Saskatchewan, the world's biggest fertilizer producer, reported a lower-than-expected quarterly profit and cut its outlook as prices of its crop nutrients fell.
Husky Energy reported a 40% jump in second-quarter profit due to higher refining margins.
Agnico Eagle Mines Ltd reported a net loss on Wednesday, hurt in part by a maintenance shutdown, and said it is "reviewing all aspects" of its business in light of the recent drop in gold prices.
ON BAYSTREET
The TSX Venture Exchange slid 5.82 points Wednesday to 924.66
ON WALLSTREET
U.S. stocks may retreat further from record highs Thursday as investors digest the latest batch of mixed earnings results.
Ahead of the opening bell, futures for the Dow Industrials faded 56 points, or 0.4%, to 15,442. Futures for the S&P 500 dipped 5.90 points, or 0.4%, to 1,677.90 and futures for the NASDAQ gained three points, or 0.1%, to 3,051.
More than a third of the companies in the S&P 500 have reported second-quarter results. As of Wednesday afternoon, more than 65% had topped analysts' expectations, according to S&P Capital IQ.
But Caterpillar, Broadcom and AT&T all delivered results short of Wall Street's forecasts.
On Thursday, 56 companies from the S&P 500 are scheduled to report results, according to Deutsche Bank analyst Jim Reid.
General Motors said on Thursday that its earnings fell, but not as much as forecast. The automaker's share rose in pre-market trading.
Also before the bell, Dow Chemical and Tripadvisor reported quarterly profit gains.
Amazon and Starbucks are due to report after the close.
Credit Suisse reported second-quarter results Thursday morning, revealing a strong performance by its investment banking business that helped boost profits. But the financial services firm's stock dipped in pre-market trading.
In economic news, the U.S. government published its weekly report on initial jobless claims this morning, and the Census Bureau will release data on durable goods orders. Jobless claims notched up to 343,000 in the week ended July 20, up from 336,000 the week before, according to a consensus of economists' forecasts compiled by Briefing.com.
Facebook shares surged in pre-market trading after the company posted strong quarterly results on Wednesday afternoon. It said its mobile ad business continued to gain traction. The momentum propelled Zynga's stock, as well. The app developer has games on Facebook.
European markets were lower in midday trading. London's benchmark FTSE 100 index, Germany's DAX and the CAC 40 in France were all down by about 0.7%.
Asian markets ended with losses, even as the Chinese government announced a mini-stimulus plan that should give a boost to certain areas of the economy, including small businesses.
Hong Kong's Hang Seng index lost 0.3% and the Shanghai Composite index declined by 0.6%. In Japan, Tokyo's Nikkei 225 fell by 1.1%.
Oil prices stepped back 56 cents to $104.83 U.S. a barrel
Gold prices took on 90 cents to $1,320.50 U.S. an ounce.
