Stock futures pointed to a higher opening for Canada's main stock index, taking heart from reassurances from China's central bank that there was no basis for further yuan depreciation.
The S&P/TSX composite index was off its lows of the day, but still down 75.14 points to close Wednesday at 14,339.53
The Canadian dollar fell 0.37 cents to 76.65 cents U.S. early Thursday
Canadian National Railway said on Wednesday that President and Chief Executive Claude Mongeau will be taking some time away from work to treat a rare type of tumour. The company said Mongeau will undergo surgery to remove the pre-cancerous throat tumor toward the end of August or early in September, and that he will require about three months of medical treatment and recovery.
Germany's K+S AG affirmed its rejection of a 7.9-billion-euro takeover proposal by Potash Corp of Saskatchewan, buoyed by stronger than expected quarterly earnings. Second-quarter operating profit at the salt and fertilizer company jumped 14% to 179.2 million euros, beating a 168 million-euro consensus forecast in a Reuters poll.
CIBC raised the target price on Air Canada by $0.75 to $18.25 following the company’s second-quarter results and third-quarter guidance.
National Bank Financial cut the price target on Canadian Energy Services & Technology to $8.25 from $9.00; rating outperform as the company’s second-quarter EBITDA came below expectations.
National Bank Financial raised the target price on Cara Operations to $42.00 from C$41.00, rating outperform after the company delivered strong second-quarter results.
On things economic, Statistics Canada reported its New Housing Price Index for June rose 0.3%, mostly due to gains in Ontario. This was the third consecutive monthly price increase for the Canada-level index.
ON BAYSTREET
The TSX Venture shook off earlier losses to gain 1.05 points Wednesday to 578.58.
ON WALLSTREET
China again devalued its currency, but the reaction worldwide is more subdued Thursday.
U.S. stock futures are pointing up Thursday. European markets are making big advances in early trading and all Asian markets closed with gains.
Ahead of the opening bell, futures for the Dow Jones Industrials hiked 32 points, or 0.2%, to 17,399, futures for the S&P gained 3.5 points, or 0.2%, to 2,087.75, and futures for the NASDAQ took on 10.75 points, or 0.2%, to 4,544.25
Kohl's, Dillard's, Coty and Nestle are reporting earnings before the market opens.
This afternoon, a handful of companies, including Nordstrom, will report after the market closes.
Shares in News Corp and Cisco are expected to surge by about 4% at the open on the back of well-received earnings, which came out Wednesday evening.
Retail sales data for the month of July are due this morning, likewise, the U.S. Department of Labor will release weekly jobless claims numbers.
The Chinese currency dropped again versus the U.S. dollar, but the central bank is rushing to calm fears about the yuan's more than 3% tumble over the past three days.
The central bank said Thursday that it expects the currency to stabilize, and that circumstances no longer call for continued depreciation.
Oil prices slid 27 cents to $43.03 U.S. a barrel
Gold prices fell $6.50 to $1,117.10 U.S. an ounce.
