Futures pointed to a higher opening for Canada's main stock index on Thursday, as concerns over an escalating U.S.-China trade war eased further and a bullish oil market.
The S&P/TSX Composite Index dipped 46.12 points to finish Wednesday at 16,149.92
The Canadian dollar increased 0.18 cents to 77.56 cents U.S. early Thursday
September futures inched up 0.1% Thursday
Prime Minister Justin Trudeau said on Wednesday he wanted to see flexibility from the United States if the two sides are to reach a deal on renewing the North American Free Trade Agreement, which Washington insists must be finished by the end of the month.
RBC cut the rating on Canadian Natural Resources to outperform from top pick
Berenberg initiated coverage on Lucara Diamond Corp. with a sell rating, and a price target of $1.80
RBC cut the rating on Trican Well Service to sector perform from outperform
On the economic calendar, Statistics Canada reported that, in July, 475,000 people received regular Employment Insurance benefits, an increase of 11,000, or 2.4%, from June.
ON BAYSTREET
The TSX Venture Exchange dropped 9.3 points, or 1.3%, Wednesday to 714.45
ON WALLSTREET
U.S. stock index futures rose on Thursday as fears of a full-blown trade war appeared to decrease.
Futures for the Dow Jones Industrials catapulted 116 points, or 0.4%, to 26,578
S&P 500 futures gained 9.75 points, or 0.3%, to 2,924.75, while futures for the NASDAQ composite rebounded 42 points, or 0.6%, to 7,568.50
As tensions between the two largest economies in the world slap tariffs on each other's goods, the Chinese commerce ministry said Thursday the country hopes the U.S. will take steps to correct its behavior.
J.P. Morgan Chase CEO Jamie Dimon also played down the conflict between the U.S. and China, calling it a skirmish and not a trade war.
General Electric shares fell 2% after an analyst at J.P. Morgan slashed his price target on the company to $10 from $11. The analyst noted he expects "weaker results at power and some franchise value impact."
Overseas, in Japan, the Nikkei 225 gained more than two points Thursday, while in Hong Kong, the Hang Seng index increased 0.3%.
Oil prices were unchanged at $71.12 U.S. a barrel.
Gold prices gained $2.40 to $1,210.70 U.S. an ounce.
