Canadian stock index futures pointed to a higher open on Thursday, helped by signs of a delay in U.S. military action against Syria and stronger-than-expected results from some of Canada's biggest banks.
The S&P/TSX composite index gained 16.01 points to end Wednesday at 12,607.22
The Canadian dollar dipped 0.10 cents to 95.25 cents U.S. early Thursday
Royal Bank of Canada reported a 3% rise in quarterly profit, topping analysts' estimates, as higher consumer loan volumes and wealth management fees more than offset a drop in fixed-income trading revenue.
Toronto-Dominion Bank's quarterly profit fell 10%, as the lender took $418 million in insurance-related charges partly related to severe weather in Canada during the summer.
Canadian Imperial Bank of Commerce's third-quarter profit rose 6%, driven by stronger retail banking and wealth management income
CIBC raised the rating on Capital Power Corporation to outperform from sector performer after the company reached an agreement to sell three New England facilities to Emera Inc.
Barclays cut the target price on Emera Inc to $37 from $38 after the company announced that it will acquire 1,050MWs of Combined Cycle Gas Turbine plants in New England for $541 million U.S. from Capital Power Corp.
Barclays raised the target price on National Bank of Canada to $84 from $78 after the bank reported better-than-expected third-quarter earnings.
On the economic slate, Statistics Canada reported this morning that its raw materials price index gained 4.2% last month, higher prices for crude oil the main reason.
The agency’s Industrial Product Price Index rose 0.3% in July, mainly because of higher prices for petroleum and coal products as well as motor vehicles and other transport equipment.
ON BAYSTREET
The TSX Venture Exchange closed Wednesday negative by 3.20 points to 933.54.
ON WALLSTREET
Investors around the world are pushing stocks higher Thursday as the prospect of imminent U.S.-led military action against Syria appears to be receding.
Ahead of the opening bell, futures for the Dow Jones Industrials were up 53 points, or 0.4%, to 14,859. Futures for the S&P 500 picked up 5.6 points, or 0.3%, to 1,637.80, and futures for the NASDAQ improved 13.50 points, or 0.4%, at 3,081.75
Investors were feeling less panicked as the U.S. and its allies continued to talk about how to respond after concluding that Syria used chemical weapons against its own people.
Investors are looking ahead to the U.S. Labor Department's release of its latest weekly reading on first-time unemployment benefit claims
Also this morning, the Commerce Department will update its estimate for second-quarter gross domestic product -- the broadest measure of economic growth
European markets were all higher in morning trading, with London leading the way. The benchmark FTSE 100 index got a big boost as Vodafone shares rallied after the mobile phone company confirmed it was in talks to sell its 45% stake in Verizon Wireless to joint-venture partner Verizon Communications.
Asian markets ended mostly positive, as investors shrugged off their worries about Syria. Japan's Nikkei 225 jumped up by nearly 1%, while Hong Kong's Hang Seng rallied by 0.8%. The Shanghai Composite dipped 0.2%
Oil prices faded 82 cents to $109.28 U.S. a barrel
Gold prices backtracked $6.20 to $1,412.60 U.S. an ounce.
