Canadian equity markets looked set to open flat to slightly higher in cautious trading on Thursday, but concerns surrounding China's growth and Ukraine's continued political tensions could cap gains.
The S&P/TSX composite index was positive 51.77 points to end Wednesday at 14,319. Futures were ahead 0.04%
The Canadian dollar recovered 0.29 cents at 90.21 cents U.S. early Thursday
Empire Co Ltd reported a steep fall in quarterly profit, hurt by higher inventory losses and higher costs due to a weaker Canadian dollar.
Tour operator Transat AT Inc reported a bigger quarterly loss as a weak Canadian dollar pushed up operating expenses.
CIBC raised the target price on Newalta Corp. to $20 from $19.50 citing the company's new strategic direction and expected high return growth in the Heavy Oil segment
CIBC also raised the target price on Semafo Inc. to $5.50 from $5, saying the company is bouncing back in a big way in 2014 with the addition of two new high-grade sources, sees grade to increase by more than 50%.
On the economic slate, Statistics Canada reported that its new housing price Index rose 0.3% in January, following a 0.1% gain in December. The national increase was the largest since May 2012 and mainly the result of strong gains in the Prairie region.
ON BAYSTREET
The TSX Venture Exchange eked up 3.08 points Wednesday to 1,046.39
ON WALLSTREET
Markets have drifted lower this week in the absence of major economic or corporate news, but stocks could tiptoe higher Thursday.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 54 points, or 0.3%, to 16,393. Futures for the S&P 500 took on 3.3 points, or 0.2%, to 1,861, and futures for the NASDAQ increased 8.75 points, or 0.2%, at 3,715.50
But some are becoming more cautious and are buying into gold -- a perceived safe-haven asset.
Gold prices have risen by nearly 8% over the past month amid market volatility, geopolitical uncertainty and concerns about a slowdown in China.
On the corporate side, Plug Power will report earnings before the open. It's a highly speculative stock that's enjoyed a massive run as of late and was continuing to climb in pre-market trading.
Aeropostale will report results after the close.
Looking ahead to the economic news of the day, the U.S. government will publish weekly jobless claims numbers and February retail sales.
Both European and Asian stock markets were showing mixed results Thursday.
Worries about a slowdown in China -- the world's second largest economy -- spooked international investors Wednesday.
Economic data out Thursday did little to reassure investors, raising further questions about China's growth rate.
Oil prices picked up 35 cents to $98.34 U.S. a barrel
Gold prices fell $2.30 to $1,368.20 U.S. an ounce.
