Futures for equities in Canada’s largest centre were little changed Thursday as oil prices fell after the U.S. Energy Department reported a ninth consecutive weekly drawdown of crude stocks but an overall build in oil inventories.
The S&P/TSX Composite eked up 8.96 points to wind up Wednesday at 14,533.57, with September futures down 0.04% Thursday.
The Canadian dollar inched up 0.05 cents to 76.61 cents U.S. early Thursday
Encana Corp reported an unexpected quarterly operating profit, helped by a cost-cutting drive, and said it would raise its 2016 capital expenditure program.
Precision Drilling Corp posted a bigger-than-expected second-quarter loss, hurt by the lowest drilling activity in decades during the period as oil producers slashed spending.
Australia's antitrust watchdog on Thursday gave the green light to a A$9.1-billion ($6.79-billion U.S.) buyout of rail freight giant Asciano Ltd by a global consortium led by Canada's Brookfield Asset Management Inc.
Desjardins cut the target price on Colabor Group to $1.20 from $1.50
UBS raised the target price on Canadian Pacific Railway to $225.00 from $193.00
Dundee raised the target price on Norbord Inc. to $38.00 from $35.00
On the economic scene, Statistics Canada revealed that those drawing regular employment insurance totaled 544,900 in May up 4,800, or 0.9%, from the previous month, while wholesale trade rose 1.8% to $55.9 billion in May.
Gains were recorded in six of seven sub-sectors, accounting for 88% of total wholesale sales, and were led by the motor vehicle and parts sub-sector.
ON BAYSTREET
The TSX Venture Exchange dropped 13.86 points Wednesday to 754.76
ON WALLSTREET
U.S. stock futures point to a gloomy open on Thursday, after several consecutive days of records.
Ahead of the opening bell, futures for the Dow Jones Industrials fell 23 points, or 0.1%, to 18,508, while futures for the S&P 500 dipped one point, or 0.1%, to 2,166.5. NASDAQ futures took on five points, or 0.1%, to 4,655.50.
There's a slew of companies posting quarterly updates this morning, including General Motors, Travelers, Southwest Airlines, Union Pacific, Dish Network, Domino's Pizza and Dunkin' Brands.
Another slate of companies is due to report after the closing bell. They include AT&T, Capital One, Starbucks, Visa, PayPal and Chipotle.
Qualcomm and eBay shares have each gained about 6% in extended trading after the companies posted better-than-expected quarterly earnings updates on Wednesday.
Tesla is in the spotlight after chief executive Elon Musk revealed plans to sell electric buses, pick-up trucks, semis and a small SUV. This is part of his so-called "Masterplan, Part 2" for the company.
European markets are mostly negative in early trading, while Asian markets ended the day with mixed results.
The U.S. Department of Labor is reporting initial jobless claims this morning.
What’s more, the National Association of Realtors will post its existing home sales data for June at 10 a.m. ET. In its May report, the organization reported the pace of home sales hit its strongest level since February 2007.
Investors are digesting the European Central Bank’s latest interest rate decision. ECB President Mario Draghi had a press conference set for shortly afterwards to explain the decision.
The ECB is widely expected to hold steady on policy, but traders will be looking for hints about Draghi's future plans, especially in the aftermath of the U.K. Brexit vote.
Oil prices dropped 22 cents to $45.53 U.S. a barrel
Gold prices gained $1.50 at $1,320.80 U.S. an ounce.
