Futures for stocks in Canada’s largest centre were little changed on Thursday, as worries over a rise in coronavirus cases in South Korea offset the impact of China's efforts to boost its economy and a drop in new cases at the epicenter of the epidemic.
The TSX Composite Index chugged ahead 67.02 points to close Wednesday at 17,925.36. The index has gained in nine of the last 11 sessions.
The Canadian dollar slipped 0.19 cents early Thursday at 75.43 cents U.S.
March futures dipped 0.05% early Thursday.
Dozens of people in South Korea were infected by the coronavirus in what the authorities described as a "super-spreading event" at a church. The country, which has reported one coronavirus death, now has 104 confirmed cases of the flu-like virus.
Thomson Reuters is reportedly close to naming former Nielsen Holdings Plc president Steve Hasker as its next chief executive, succeeding Jim Smith.
Kirkland Lake Gold raised its full-year forecast for gold production and beat analysts' estimates for quarterly profit, driven by higher production at its Fosterville mine in Victoria, Australia.
Telus said on Wednesday it aims to raise about $1.3 billion through a public stock offering, priced at $52.00 per share.
Scotiabank raised the target price on Bank of Montreal to $110.00 from $107.00
Wells Fargo cut the rating on Dollarama to underweight from overweight
CIBC raised the target price on Kinaxis to $125.00 from $110.00
On the economic beat, Statistics Canada said Thursday, 448,000 people received regular Employment Insurance benefits in December, little changed from November.
The agency’s new housing price index was unchanged in January, following a 0.2% rise in December.
ON BAYSTREET
The TSX Venture Exchange gained a solid 6.57 points Tuesday to 577.06.
ON WALLSTREET
U.S. stock index futures are pointing to a slightly lower open on Wall Street Thursday morning after a record-setting session, as investors continue to monitor the global economic impact of the coronavirus outbreak.
Futures for the Dow Jones Industrials shed 43 points, or 0.2%, early Thursday to 29,294.
Futures for the S&P 500 picked back 6.25 points, or 0.2%, at 3,381.
Futures for the NASDAQ Composite slid 20.5 points, on 0.2%, to 9,713.
In corporate news, Morgan Stanley is buying e-Trade for $13 billion. The news sent e-Trade shares up more than 20% in the pre-market while Morgan Stanley dipped 4.7%.
U.S. jobless claims data for last week is due this morning, likewise, and January’s leading index reading.
China’s National Health Commission on Wednesday reported that 74,576 cases of the new coronavirus have now been confirmed, with 2,118 deaths on the mainland. Coronavirus cases are also spiking in South Korea. The country said confirmed cases have jumped to 82, more than double the previous number of cases.
S&P Global Ratings warned in a report on Thursday that Chinese lenders could be hit by as much as $1.1 trillion in questionable loans as the coronavirus ripples through China’s economy, while Goldman Sachs has said that markets are underestimating the potential fallout from the outbreak, suggesting the "risks of a correction are high."
China’s central bank cut its one-year loan prime rate by 10 basis points overnight in an effort to mitigate the economic fallout from the coronavirus. A summary of the Federal Reserve’s January meeting also showed the U.S. central bank is monitoring the spread for any impact on the U.S. economy.
Overseas, in Japan, the Nikkei 225 added 0.3% Thursday, while in Hong Kong, the Hang Seng Index declined 0.2%,
Oil prices gained 49 cents to $53.78 U.S. a barrel.
Gold prices advanced eight dollars to $1,619.80 U.S. an ounce.
