Stock futures pointed to a higher opening for equities in Canada’s biggest centre on Thursday after the U.S. Federal Reserve raised interest rates for the first time since 2006.
The S&P/TSX composite index gained 246.51 points, or 1.9%, to close Wednesday at 13,166.08. March futures shot up 0.5% Thursday morning.
The Canadian dollar dropped 0.25 cents to 72.29 cents U.S. early Thursday
Shaw Communications Inc said on Wednesday it has agreed to buy Wind Mobile, the country's fourth-largest wireless provider, in a deal that gives it a much-needed presence in the cellular market.
Mizuho Securities cut the rating on Valeant Pharmaceuticals to neutral from buy, raising the target price to $130.00 from $111.00
RBC cut the rating on Telus Corp to sector perform from outperform, cutting target price to $41.00 from $47.00
Federal Trade Minister Chrystia Freeland has strongly encouraged U.S. lawmakers to "get the job done" to repeal country-of-origin meat-labeling rules.
On the economic front, Statistics Canada reported that those Canadians drawing employment insurance benefits dipped 3,300, or 0.6%, in October from the month before, to 539,700
On a year-over-year basis, the agency says the total number of EI beneficiaries was up 40,900, or 8.2%.
ON BAYSTREET
The TSX Venture Exchange increased 2.46 points Wednesday to 498.21
ON WALLSTREET
U.S. stock markets surged Wednesday, and global markets are following Thursday, after the Federal Reserve announced its first interest rate hike in nearly a decade.
Ahead of the opening bell, futures for the Dow Jones took on 37 points, or 0.2%, to 17,691, futures for the S&P 500 picked up 3.5 points, or 0.2%, to 2,067.25. NASDAQ futures gained 17 points, or 0.4%, to 4,674.75
Shares in Pandora Media jumped about 20% pre-market after the Internet radio service received a favorable ruling on the royalties it's required to pay record labels.
Shares in FedEx are jumping pre-market after the firm delivered a better-than-expected earnings report. And competitor UPS also sees a pre-market boost.
Rite Aid and General Mills are reporting ahead of the open.
All key European markets are rising in early trading, with the main German and Spanish indexes jumping by as much as 3%.
Asian stock markets jumped at the open and closed the day in positive territory. China's benchmark Shanghai Composite gained 1.8%, while Japan's Nikkei rose 1.6%. Stocks in Australia were up 1.4% and Hong Kong's Hang Seng index added 0.8%.
The U.S. Department of Labor is releasing data on weekly jobless claims this morning. Unemployment claims are around their lowest level in 15 years.
Oil prices faded 29 cents to $35.23 U.S. a barrel
Gold prices stepped back $8.48 to $1,063.84 U.S. an ounce.
