Canada’s main stock index futures slipped, tracking changes in global shares which were headed towards two-year lows on lingering global growth concerns.
The S&P/TSX composite index closed Wednesday down 107.40 points to 13,383.69
The Canadian dollar slipped 0.34 cents at 75.72 cents U.S. early Thursday
Calfrac Well Services slashed its quarterly dividend for the second time in three months, citing weak demand and pricing for oilfield services amid a slump in crude oil prices. The oilfield services provider also suspended its dividend reinvestment plan for common shares, the company said in a statement on Thursday Calfrac cut its dividend to 1.56 cents per share. It had halved its quarterly dividend to 6.25 cents in June.
Enbridge Inc on Wednesday said it is rationing space on its Ozark crude oil pipeline for October, and its Spearhead pipeline for October and November. The company said its 222,604 barrels per day (bpd) Ozark oil pipeline, with an estimated running from the U.S. crude futures hub in Oklahoma to southern Illinois, would be apportioned at 57.9% for October.
Goldman Sachs cut the target price on First Quantum Minerals to $6.00 from $12.60 saying that thermal coal demand is going ex-growth sooner due to regulatory headwinds.
ON BAYSTREET
The TSX Venture Exchange remained positive 4.07 points Wednesday to 545.41
ON WALLSTREET
U.S. stock futures are looking soft.
Ahead of the opening bell, futures for the Dow Jones Industrials slumped 136 points, or 0.8%, to 16,051, futures for the S&P 500 fell 15 points, or 0.8%, to 1,913.50, and futures for the NASDAQ dipped 41.75 points, or 1%, to 4,221.
Coal and natural gas producer Consol Energy is seeing wild swings in its shares in pre-market trading. The stock dropped by 8.6% on Wednesday as coal futures prices fell, but now it's set for a sharp recovery at the open.
Book publisher Scholastic and consulting firm Accenture will report ahead of the open.
Retailers including Nike, Pier 1 and Bed Bath & Beyond are reporting results after the close.
The U.S. Department of Labor is releasing weekly jobless claims data this morning. Federal unemployment statistics have shown for months that the labour market is in good shape.
At 10 a.m., the Census Bureau will release new home sales data for August.
Most European markets are dipping into the red, shrugging off a report out of Germany that suggests businesses have been holding up well in September. The Ifo Business Climate report was better than August and beat economists expectations.
Shares in BMW are falling sharply in Europe as investors worry that the luxury German automaker may be caught up in a widening scandal over diesel emissions. A German magazine reported that one BMW model breached European pollution limits in road tests.
BMW has said it does not use any software that can manipulate emissions in a test cycle.
Meanwhile, VW shares continue to recover in Europe after being slammed into reverse earlier this week.
The automaker's CEO resigned Wednesday after the company admitted cheating U.S. emission tests and reported significant discrepancies in emissions between test and road conditions in 11 million vehicles worldwide. The company now faces well over 30 lawsuits in the U.S. related to the scandal, and German state prosecutors are considering legal action.
In Asia, the Japanese Nikkei index took a 2.8% dive following the release of sluggish manufacturing data for September. The numbers from Markit show a sharp reduction in international demand, particularly from China.
Across the rest of Asia, trading was mixed.
Oil prices dipped 11 cents to $44.37 U.S. a barrel
Gold prices gained $4.40 to $1,135.90 U.S. an ounce.
