Canadian stock index futures indicated a lower open on Thursday ahead of inflation data and as disappointing earnings from Google and IBM dampened the previous session's upbeat tone.
The S&P/TSX composite index climbed 142.60 points, or 1%, Wednesday to 14,446.52, with futures off 0.07% Thursday morning.
The Canadian dollar was flat at 90.80 cents U.S. early Thursday
Bank of Canada Governor Stephen Poloz said an interest rate cut is still a possibility even though the bank forecasts inflation will pick up speed this year and approach its 2% target.
A new poll out by Reuters shows Canada's economy will grow only modestly over the next two years and underperform the United States as high household debt levels and a cooling housing market restrain consumer spending.
Osisko Mining Corp said it has reached a $3.9-billion deal to sell most of its assets to Yamana Gold and Agnico Eagle Mines as it battles to thwart a hostile takeover bid from Goldcorp Inc, one of the world's biggest gold miners.
On the economic schedule, Statistics Canada reported that its consumer price index rose 1.5% in the 12 months to March, following a 1.1% increase in February.
The agency also said that the number of those receiving regular Employment Insurance benefits was little changed in February at 506,500. Compared with 12 months earlier, the number of beneficiaries was down 4.9%.
ON BAYSTREET
The TSX Venture Exchange advanced 5.87 points Wednesday to 997.97
ON WALLSTREET
Following three days of stock market gains, investors are feeling cautious again after Google and IBM posted earnings that disappointed Wall Street.
Ahead of the opening bell, futures for the Dow Jones Industrials dipped six points to 16,325. Futures for the S&P 500 inched up 1.3 points to 1,854.10, and futures for the NASDAQ squeezed up two points to 3,503.50.
Shares in IBM were down by about 4% in pre-market trading after the firm posted disappointing earnings and revenue numbers late Wednesday.
Shares in Google were also sinking pre-market after reporting earnings that missed analysts' expectations.
Looking to the day ahead, earnings season continues with many large firms including Goldman Sachs, Morgan Stanley, General Electric and PepsiCo reporting before the open.
In economic news, the U.S. Labor Department will this morning release the number of jobless claims made last week. The Philadelphia Fed will release its index measuring manufacturing in the Philadelphia region later on this morning.
Rising tensions in eastern Ukraine were adding to the unsettled tone. European, U.S., Russian and Ukrainian officials are meeting in Geneva Thursday to try to find ways to resolve the crisis. President Obama has warned of new sanctions against Russia if the talks fail.
European markets were generally lower in morning trading.
Asian markets ended with mixed results.
Oil prices took on a nickel to $103.81 U.S. a barrel
Gold prices slipped 30 cents to $1,303.20 U.S. an ounce.
