Stock futures pointed to a higher opening for Canada's main stock index as Chinese stocks rebounded after a sharp fall this week and after minutes from the latest U.S. Federal Reserve's meeting showed it needed to see more signs of strengthening before raising interest rates
The S&P/TSX composite index plummeted 212.43 points, or 1.5%, to end Wednesday at 14,412.07
The Canadian dollar gained 0.37 cents to 78.83 cents U.S. Thursday
Pacific Rubiales Energy Corp said that Mexican industrial conglomerate Alfa SAB de CV and energy investment firm Harbour Energy Ltd has dropped their plans to buy the Canadian oil and gas company. The $2-billion offer, first made in May will terminate immediately, Pacific Rubiales said in a statement, adding that it is not obligated to pay a termination fee.
K+S finance chief Burkhardt Lohr denied the German potash miner had set 50 euros per share as a minimum it expected Potash Corp of Saskatchewan Inc. to offer for the group, according to a newspaper interview. K+S rejected Potash Corp's 7.9-billion-euro ($8.8-billion) bid proposal last week, saying it was too low and that the Canadian suitor could be planning to dismantle the company, putting jobs at risk.
Canaccord Genuity starts coverage on Oryx Petroleum with a hold rating and with price target of $4.00 based on the company’s growth potential, good upside and great management.
AltaCorp cut the price target on WestJet Airlines to $35.00 from $42.00 as a lower than expected RASM guidance remains a cause of concern for the company.
On the economic beat, Statistics Canada reported this morning that The New Housing Price Index rose 0.2% in May, following a 0.1% increase in April.
Moreover, Canada Mortgage and Housing Corporation reported the seasonally adjusted annualized rate of housing starts rose to 202,818 units in June from a downwardly revised 196,981 units in May. Forecasters had expected 190,000 starts.
ON BAYSTREET
The TSX Venture Exchange dumped 15.14 points to close Wednesday at 637.59
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ON WALLSTREET
U.S. stock futures are pushing higher and most global markets are in positive territory.
Ahead of the opening bell, futures for the Dow Jones Industrials rocketed 167 points, or 1%, to 17,609, futures for the S&P 500 gained 22.25 points, or 1.1%, to 2,061.50, and futures for the NASDAQ tacked on 50 points, or 1.2%, to 4,396.50
Shares in Facebook, Apple, Yahoo and Alcoa are all pushing up by about 1% ahead of the open.
This follows a tumultuous Wednesday. The S&P 500 fell by 1.7% after trading was halted at the NYSE due to a "technical glitch."
The Dow Jones industrial average also shed 260 points and closed 1.5% lower, while the NASDAQ sank 1.8%.
Walgreen and Pepsi are reporting their quarterly earnings ahead of the open.
A favourable report from Pepsi could send its stock price above the all-time high it hit in February. It's traded at fairly even levels since then.
Walgreens will look to reap some of the benefits of a cost-cutting plan after it closed down 200 stores earlier this year.
Economically speaking, the U.S. Department of Labor will update its figures on weekly jobless claims. Jobless claims have been consistently falling since 2009 and are currently near 15-year lows.
Overseas, it was a rocky Thursday but Chinese stocks closed the trading session with sizable gains after regulators announced new measures designed to stop the stock market crash.
The main Shanghai Composite rose by 5.8% and the smaller Shenzhen index gained 3.8%.
The Greek government is set to submit details later Thursday about how it will reform its economy, cut spending, and raise more taxes in a bid to receive a third bailout from the European Union.
European markets are all rising as investors hope for a positive resolution to Greece's debt crisis.
Oil prices added $1.31 to $52.96 U.S. a barrel
Gold prices sank $2.10 at $1,161.40 U.S. an ounce.
