Canada's main stock index climbed at open on Thursday, eyeing its fourth day of gains, as global risk sentiment improved after China sounded hopeful of resolving the long-standing trade dispute with the United States.
The S&P/TSX Composite leaped 112.47 points to open for Thursday at 16,384.12
The Canadian dollar inched forward 0.05 cents to 75.19 cents U.S.
TD Bank Group fell short of analysts' estimates for quarterly profit, hurt by higher provisions for loan losses and sluggish growth in its domestic retail unit. TD shares obtained 57 cents to $72.08
Scotiabank raised the target price on Hudson's Bay Co. to $11.00 from $9.45. Bay shares acquired 14 cents, or 1.4%, to $10.36.
Credit Suisse cut the price target on Husky Energy to $16.00 from $18.00. Husky shares gained 15 cents, or 1.7%, to $9.05
Credit Suisse cut the price target on Imperial Oil to $38.00 from $39.00. Imperial shares picked up 30 cents to $32.70.
On the economic front, Statistics Canada reported that average weekly earnings by non-farm employees averaged $1,026 in June, down 0.5% from the previous month, and up 2.5% on a year-over-year basis.
ON BAYSTREET
The TSX Venture Exchange marched ahead 2.49 points to 586.31
All but three of the 12 Toronto subgroups grew at the outset, with energy perking 1.8%, consumer discretionary stocks up 1.2%, and industrials better by 1%.
The three laggards were gold, dulling in price 1.2%, materials, sliding 0.3%, and real-estate, subsiding 0.2%.
ON WALLSTREET
Stocks jumped on Thursday after China said it wished to resolve its protracted trade dispute with the world’s largest economy with a "calm" attitude.
The Dow Jones Industrial Average enjoyed another sizable leap, progressing 278.03 points, or 1.1%, to begin Thursday at 26,314.13.
The S&P 500 grew 30.57 points, or 1.1%, to 2,918.51
The NASDAQ hiked 107.52 points, or 1.4%, to 7,964.40
The Dow and S&P 500 were both down around 3% in August entering Thursday’s session. The NASDAQ had lost nearly 4%.
When asked about its ongoing trade war with the U.S., China’s commerce ministry said Thursday that it was opposed to escalating trade tensions, hinting Chinese authorities will not retaliate against the latest round of U.S. tariffs.
Trade bellwethers Boeing and Caterpillar rose at least 1% each while Deere traded 2.4% higher. Micron Technology gained 2%.
In economic news, second-quarter U.S. gross domestic product growth was revised down to 2% from 2.1%. The revision was in line with analyst expectations. Pending home sales for July will follow slightly later in the session.
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 1.52% from Wednesday’s 1.47%. Treasury prices and yields move in opposite directions
Oil prices gained 57 cents to $56.35 U.S. a barrel.
Gold prices gained 70 cents to $1,549.80 U.S. an ounce.
