Stock futures pointed to a lower opening for equities in Toronto on Thursday as global economic worries mount.
The S&P/TSX composite index lost 166.80 points, or 1.2%, to close Wednesday at 13,869.88, as the TSX fell further into correction territory, losing more than 12% since the record highs of last month and close to shedding all its gains for the year.
Futures Thursday were lower by 1.5%.
The Canadian dollar dropped 0.61 cents to 87.91 cents U.S. early Thursday.
Raymond James cut the rating on Candente Copper Corp. to underperform from market perform
RBC raised the rating on Westshore Terminals Investment to
outperform from sector perform.
Barclays started coverage of Teck Resources with an equal-weight rating, and a price target of $23
Economically speaking, Canadian manufacturing sales fell 3.3% in August to $52.1 billion, the first decline in 2014.
Statistics Canada also reported that foreign investment in Canadian securities totaled $10.3 billion in August and included both debt and equity instruments. Canadian investment in foreign securities decelerated from July, with holdings largely unchanged as acquisitions of non-U.S. foreign instruments were offset by a divestment in U.S. instruments.
ON BAYSTREET
The TSX Venture Exchange dropped 24.72 points Wednesday to 778.36.
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ON WALLSTREET
U.S. stock futures are making a definite move lower and selling has resumed in European stock markets. Some major indexes in Europe are declining by more than 3%.
Ahead of the opening bell, futures for the Dow Jones Industrials dwindled 146 points, or 0.9%, to 15,861. Futures for the S&P 500 fell 18.25 points, or 1%, to 1,828.50, and futures for the NASDAQ faded 41 points, or 1.1%, to 3,711.
Netflix shares are tanking pre-market -- down by about 26%. The company reported subscriber growth that came up short of its forecasts. It attributed the weak numbers to the $1 increase in prices for new subscriptions that it announced in May.
Investors will be monitoring Apple Thursday as it hosts an event to unveil new iPads. However, the company accidentally leaked key details about the new iPads via iTunes on Wednesday. There were images and details about a new iPad Air 2 and iPad Mini 3, but the information was eventually removed.
U.S. drugmaker AbbVie is walking away from plans to purchase its U.K. rival Shire after the Obama administration made it harder for tax-friendly "inversion" deals to go through. The takeover was valued at $55 billion U.S. Shares in Shire have plunged by about 30% since AbbVie's board indicated it was thinking twice about the purchase.
Delta Airlines, Mattel, and Goldman Sachs are among the main companies reporting quarterly results before the opening bell. Google will report after the close.
On the economic side, the U.S. government will post weekly jobless claims at 8:30 a.m. ET.
Oil prices dipped $1.21 to $80.57 U.S. a barrel
Gold prices sank $6.20 to $1,238.60 U.S. an ounce.
