Markets in Toronto were optimistic that Wednesday’s gains could translate into some momentum for more gains Thursday, as Friday’s jobs numbers loomed large on investors’ minds.
The S&P/TSX composite index gained 55.21 points to close Wednesday at 13,559.69
The Canadian dollar improved 0.24 cents U.S. early Thursday to 90.47 cents U.S.
On matters economic, figures released by Statistics Canada revealed that our merchandise imports grew 1.2% and exports increased 0.9% in December. As a result, Canada's trade deficit with the world widened from $1.5 billion in November to $1.7 billion in December.
Western University’s Ivey Purchasing Managers’ Index is due out later this morning.
ON BAYSTREET
The TSX Venture Exchange staggered 5.21 points Wednesday to 942.50
ON WALLSTREET
Markets are looking upbeat Thursday as investors wait for U.S. jobs data and central bank news from Europe, but Twitter shareholders aren't feeling so cheerful.
Ahead of the opening bell, futures for the Dow Jones Industrials progressed 43 points, or 0.3%, to 15,410. Futures for the S&P 500 tacked on 6.10 points, or 0.4%, to 1,750.10, and futures for the NASDAQ added 11.50 points, or 0.3%, to 3,457.
Shares of Twitter fell 20% in pre-market trading, a day after the company released its first quarterly results since going public last year. Investors were disappointed by a forecast of slower sales growth.
Shares of Green Mountain Coffee Roasters soared 40% on news that the firm is partnering with Coca-Cola on its forthcoming cold-beverage-brewing system. SodaStream which will face competition from the new product, fell 9% following the announcement.
General Motors reported earnings that fell short of estimates, while revenue was roughly in line.
Sony fell 5% after the company announced a series of major changes and warned it would lose $1 billion U.S. this year. The company is selling its Vaio PC unit, spinning out its television business and cutting 5,000 jobs.
Akamai Technologies, an Internet service provider, surged 20% after a strong earnings report on Wednesday.
Investors are also waiting for AOL to release quarterly results before the opening bell, while LinkedIn is up after the close.
European markets were up by about 1% in morning trading, while Asian markets mostly ended with gains
The European Central Bank will announce its latest policy decision this morning with ECB President Mario Draghi speaking at a press conference shortly after.
Also this morning, the U.S. government will release its weekly report on initial jobless claims.
Investors are waiting for Friday's monthly non-farm payroll data, which should give a good overview of the current state of the U.S. job market. One survey of economists is forecasting 178,000 jobs were created in January, up from only 74,000 jobs the prior month, with an unemployment rate of 6.7%.
Oil prices gained 78 cents to $98.16 U.S. a barrel
Gold prices soared $5.60 to $1,262.50 U.S. an ounce.
