Stocks in Toronto were set to open lower on Thursday on increased chances of a U.S. interest rate increase in June.
The S&P/TSX Composite Index faded 91.09 points to 13,826.01. June futures fell 0.5% early Thursday.
The Canadian dollar jettisoned 0.47 cents, to 76.26 cents early Thursday
Sources say buyout firm Onex Corp has revived an auction for Carestream Health that could value it at more than $3 billion, including debt, and is exploring a breakup of the U.S. medical imaging company.
Pacific Exploration & Production Corp said its board was in favor of a restructuring proposal submitted by Catalyst Capital Group, after comparing it with a bid by EIG Global Energy Partners.
CIBC cut the rating on Acadian Timber to underperformer from sector perform
Raymond James cut the rating on Russel Metals to market perform from outperform
Canaccord Genuity cut the rating on Touchstone Exploration to hold from speculative buy
On the economic slate, Statistics Canada reported that wholesale sales declined for a second consecutive month in March, down 1.0% to
$54.6 billion. Lower sales were recorded in five of seven sub-sectors, led by the motor vehicle and parts sub-sector and the miscellaneous sub-sector
What’s more, in March, 545,700 people received regular Employment Insurance benefits, fewer by 2,400, or -0.4%, from the month before. The number has changed very little since last fall.
ON BAYSTREET
The TSX Venture Exchange eased 0.24 points Tuesday to 686.17
ON WALLSTREET
U.S. stock futures are taking a step back.
Ahead of the opening bell, futures for the Dow Jones Industrials faded 12 points, or 0.1%, to 17,467, while futures for the S&P 500 subtracted 2.25 points, or 0.1%, to 2,039.25. NASDAQ futures slipped 5.25 points, or 0.1%, to 4,327.
Walmart is reporting ahead of the opening bell while Gap is reporting after the close.
Gap warned investors earlier this month that sales were weak in the first four months of the year and its earnings report would likely disappoint investors.
Meanwhile, investors are cheering the latest Cisco results from Wednesday evening. The company beat expectations and shares are rising premarket.
Tesla announced Wednesday it is selling $2 billion U.S. of its stock to finance the increased production capacity needed to meet the demand for its new Model 3 car.
The Model 3 is expected to hit roads by the end of 2017. About 375,000 orders have already been placed for the vehicle.
German company Bayer has made an offer to buy U.S. seed company Monsanto.
If a deal is made, it would be the latest example of consolidation in the agribusiness and chemical sectors. Last year, Dow Chemical and DuPont announced they would combine to form a new industrial titan worth $130 billion U.S.
Shares in Monsanto are shooting higher pre-market while Bayer stock is dropping by about 8% in Europe.
The European Central Bank is releasing the minutes of its latest monetary policy meeting this morning.
Most Asian markets ended the day with modest losses.
Oil prices let go of 96 cents to $47.23 U.S. a barrel
Gold prices dropped $10.34 to $1,248.16 U.S. an ounce.
