Canadian stocks looked set to open lower on Thursday
The S&P/TSX composite index moved ahead 62.10 points to finish Wednesday at 14,796.79. Futures were down 0.2% Thursday
The Canadian dollar slipped 0.03 at 91.37 U.S. early Thursday.
The index rose to its highest in almost six years on Wednesday, boosted by positive data on U.S. services sector growth and a decision by the Bank of Canada to leave interest rates where they were.
Just Energy Group Inc said it would sell its Ontario-based water heater and air conditioning home services business for $505 million to pay down debt.
CIBC cut the target price on B2Gold Corp. to $4.50 from $5 with an outperform rating
KBW, CIBC both raised their price target on Canaccord Genuity
Barclays, NBF, Canaccord Genuity all raised their target price on Laurentian Bank of Canada
On matters macroeconomic, Statistics Canada reported that building permits issued by Canadian municipalities rose 1.1% to $6.0 billion in April, after two straight monthly declines. This increase resulted from higher construction intentions in the residential sector, which more than offset the decline in the non-residential sector.
Later on this morning, Western University’s Ivey Purchasing Managers Index is due for release
A Reuters poll points out that the outlook for the Canadian dollar has improved over the last month, as a central bank that is unlikely to significantly alter its course is expected to keep the currency hemmed in a slim trading range.
ON BAYSTREET
The TSX Venture Exchange notched higher by 0.35 points Wednesday to 982.37.
ON WALLSTREET
Futures for American markets promised a strong start to the trading day, only 24 hours ahead of the release of jobs numbers on both sides of the border.
Ahead of the opening bell, futures for the Dow Jones Industrials increased 26 points, or 0.2%, to 16,744. Futures for the S&P 500 gained 1.6 points, or 0.1%, at 1,927.30, and futures for the NASDAQ took on 2.75 points, or 0.1%, to 3,746.
General Motors is set to release the findings of its internal investigation into its ignition switch defect and massive recall at 9 a.m. ET. GM has issued recalls for 2.6 million cars over a technical problem linked to the deaths of at least 13 people. In total, GM has recalled 15.8 million vehicles worldwide this year.
Shares in Verizon are under pressure after reports that two of its competitors --Sprint and T-Mobile -- are close to combining forces.
J.M. Smucker will report quarterly earnings before the opening bell. The company said Wednesday that it's going to raise the price of its coffee products by 9%.
The U.S. government published its latest weekly jobless claims report this hour.
Shares in BNP Paribas were weaker. France's biggest bank could be hit with a $10-billion U.S. fine for busting U.S. sanctions on Iran and other countries, according to reports.
Standard and Poor's said Wednesday it could cut the bank's credit rating once the size of the fine and other potential penalties are known. French President Francois Hollande is expected to raise the issue with U.S. President Obama in Paris Thursday.
The European Central Bank is widely expected to cut interest rates in an effort to help the European recovery. In a news conference, ECB President Mario Draghi may announce other stimulus measures, and explain the rationale behind the moves.
The Bank of England will also announce its latest monetary policy decision, but experts are not expecting any change.
European markets were looking relatively subdued in morning trading as they awaited the central bank news.
Asian markets ended with mixed results Thursday.
Oil prices slid 39 cents to $102.25 U.S. a barrel
Gold prices dipped 30 cents to $1,244 U.S. an ounce.
