Stock futures pointed to a lower start for Canada's main stock index on Thursday as crude oil dipped back towards 12-year lows on persistent concerns about a supply overhang and the outlook for demand.
The S&P/TSX composite index slumped 159.13, or 1.3%, to finish Wednesday at 11,843.11, with March futures dwindling 0.8% Thursday.
The Canadian dollar gained 0.21 cents to 69.15 cents U.S. early Thursday.
National Bank Financial cut the target price on Bank of Nova Scotia to $60.00 from $67.00 as the company has made significant progress in centralizing management in the Pacific Alliance countries.
Barclays raised the target price on Metro Inc. to $41.00 from $40.00 as the company to remain somewhat insulated from inflation pass-through risk as the Canadian dollar depreciates for the third consecutive year.
Barclays cut the target price on Paramount Resources to $4.00 from $4.50 as volumes are still trailing expectations.
AlarmForce Industries reports full-year earnings, expecting 38 cents per share
Canadian Pacific Railway also reports, expecting Q4 earnings of $2.78 cents per share
On the economic beat, Statistics Canada reported that those drawing regular employment insurance premiums hiked 3,200, or 0.6% in November to 544,200.
The agency added that, on a year-over-year basis, the total number of EI beneficiaries was up 45,800 or 9.2%, the largest increase since February 2010. About two-thirds of this increase was in Alberta.
ON BAYSTREET
The TSX Venture Exchange staggered 6.63 points, or 1.4%, Wednesday to 473.74.
ON WALLSTREET
U.S. futures are fairly flat Thursday.
Ahead of the opening bell, futures for the Dow Jones Industrials eked up eight points, or 0.1%, to 15,725, futures for the S&P 500 gained 3.75 points, or 0.2%, to 1,858.75. NASDAQ futures reacquired 12.25 points, or 0.3%, to 4,145.25
IBM capsized around 5% in pre-market trading as its shares continue to fall after poor results.
Investors will hear from companies including Verizon, United Continental, Travelers, Union Pacific and Southwest Airlines before the opening bell.
After the market closes, more earnings reports will include American Express and Starbucks.
The weekly report on jobless insurance claims stateside is due from the federal government this morning.
What’s more, Wall Street will be watching for new data on U.S. crude inventory levels, expected at 11:00 a.m. ET.
The European Central Bank kept interest rates and its quantitative easing program unchanged. ECB President Mario Draghi and his band of central bankers will later give their latest views on Europe's lack of inflation and what help its economies might, or might not, need. The ECB disappointed markets with muted action after meeting in December.
European markets were mixed in early Thursday trading, while Asian markets closed with losses. The Hang Seng ended the day 1.7% lower, the Nikkei 225 closed down 2.4% and Shanghai shed 3%. Only Australian stocks managed to forge higher.
Oil prices fell 25 cents to $28.10 U.S. a barrel
Gold prices moved lower $1.93 to $1,098.99 U.S. an ounce.
