Canadian stocks looked set to open lower on Thursday, as global traders voiced concern over whether markets will be able to thrive once the U.S. Federal Reserve stops pumping funds in the system.
The S&P/TSX composite index moved forward 78.01 points to close Wednesday at 15,215.19, with Thursday futures falling 0.6%
The Canadian dollar slipped 0.14 cents to 93.74 cents U.S. early Thursday
Cogeco Cable reported a lower third-quarter profit and cut its full-year profit outlook by 10.6% due to impairment charges at Cogeco Cable Canada.
Canada is considering issuing more ultra-long bonds, maturing in 50 years, which would allow the government to lock in borrowing costs near historic lows through an expansion of an offering first made earlier this year.
The Globe and Mail reached a tentative contract deal with the union representing its editorial, advertising sales and circulation workers, likely averting a work stoppage at the country's largest national daily.
CIBC raised the target price on Air Canada to $14.25 from $11, with an outperform rating
Also, CIBC raised the target price on Canyon Services Group to $22 from $19.50, with a sector perform rating
On the economic beat, Statistics Canada reported this morning that housing prices rose 0.1% in May, following five months of gains ranging from 0.1% to 0.3%. The increase was largely the result of higher new home prices in the Prairie region.
ON BAYSTREET
The TSX Venture Exchange moved up 5.11 points Wednesday to 1,032.63.
ON WALLSTREET
Stock futures were trending lower Thursday on fears about Europe's recovery, indicating that investors could be in for a rough day.
Ahead of the opening bell, futures for the Dow Jones Industrials tumbled 145 points, or 0.9%, to 16,768. Futures for the S&P 500 dipped 17.5 points, or 0.9%, to 1,949.75, and futures for the NASDAQ fell 36 points, or 0.9%, to 3,849.50
Shares of Family Dollar slipped in pre-market trading after the retailer reported a drop of 1.8% in same-store sales and a net income plunge of about 50% in the latest quarter, compared to a year earlier.
Insurance company Progressive will also report earnings before the opening bell.
Airline shares were heading higher after American Airlines and United Continental provided upbeat forecasts.
Shares of Tractor Supply Co. dropped 5% before the open after the company posted disappointing earnings on Wednesday.
The U.S. government will post weekly jobless claims, giving investors some insight into employment market strength.
European markets fell significantly across the board - led by a 1.7% drop with the CAC40 in Paris - after disappointing reports on industrial output raised new fears about the strength of the region's recovery.
Investors were also unnerved by news that trading in the shares and bonds of Espirito Santo Financial Group -- the leading shareholder in Portugal's biggest bank -- had been suspended.
Shares in Banco Espirito Santo slumped by 16%. Portugal's PSI index fell 4%.
Asian markets ended mixed. Markets in Shanghai and Tokyo closed in the red, while Hong Kong's Hang Seng defied the broader trend to finish in positive territory.
Oil prices slipped 38 cents to $101.91 U.S. a barrel
Gold prices gained $17.90 to $1,342.20 U.S. an ounce.
