Stock futures pointed to a slightly higher opening for equity markets on Thursday in the wake of the European Central Bank's decision on monetary policy.
The S&P/TSX Composite Index moved higher 81.85 points to finish Wednesday’s session at 13,392.90, its ninth daily hike in the last 10 sessions. Futures inched up 0.1% early Thursday
The Canadian dollar slid 0.23 cents to 75.26 cents U.S. early Thursday.
RBC raised the target price Imperial Oil to $46.00 from $44.00, with a sector perform rating
CIBC cut the rating on Manitoba Telecom Services to sector perform.
CIBC raised the target price on Transcontinental Inc. to $22.00 from $21.00
On the economic slate, Statistics Canada reports its new housing price index rose 0.1% in January, following an identical increase in December.
The agency says the advance was led by higher new home prices in Vancouver and the combined region of Toronto and Oshawa. The increase was largely moderated by lower or unchanged prices in two-thirds of the metropolitan areas.
ON BAYSTREET
The TSX Venture Exchange moved lower 0.93 points Wednesday to 569.62
ON WALLSTREET
U.S. stock futures are shooting up ahead of the opening bell.
Ahead of the opening bell, futures for the Dow Jones Industrials rocketed 123 points, or 0.7%, to 17,131, futures for the S&P 500 hiked 16.25 points, or 0.8%, to 2,005.25. NASDAQ futures pointed higher 40 points, or 0.9%, to 4,334.5
Companies including Dollar General, Canadian Solar, Party City and Stein Mart are posting quarterly earnings ahead of the open.
Zumiez and El Pollo Loco are reporting after the close.
On the economic front, traders will be watching for U.S. natural gas inventory data at 10:30 a.m. Then the U.S. Treasury Department will release its February budget at 2 p.m.
The European Central Bank set the tone Thursday for the markets by cutting interest rates further into negative territory and ramping up its stimulus program.
The ECB cut all three of its main interest rates, including cutting its deposit rate to minus 0.4% from minus 0.3%. It is also increasing the amount of bonds it is buying each month by 20 billion euros ($22 billion U.S.), and will begin buying corporate bonds. It was already buying assets worth 60 billion euros ($66 billion U.S.) each month.
The moves are meant to combat deflation and get money coursing through the euro-zone economy. ECB President Mario Draghi held a news conference straight away afterwards to discuss the moves.
The euro fell by more than 1% against the dollar in reaction to the announcement, and stocks jumped. Germany's DAX index is up 2.5%.
Oil prices eked three cents to $38.32 U.S. a barrel
Gold prices dipped $7.06 to $1,246.17 U.S. an ounce.
