Futures for Canada's main stock index edged higher on Thursday as global market jitters around cash-strapped property developer China Evergrande eased, although weaker oil prices limited gains.
The TSX Composite vaulted 150.45 points, or 1%, to greet the closing bell Wednesday at 20,401.49.
The Canadian dollar sprang up 0.7 cents to 78.92 cents U.S.
December futures eked up 0.1% Thursday.
BlackBerry beat Wall Street estimates for second-quarter revenue on Wednesday amid strong demand for its cybersecurity and Internet of Things software products.
CIBC cut the price target on Canopy Growth to $22.00 from $27.00
Canaccord Genuity raised the target price on Cameco Corp. to $34.00 from $27.00
National Bank of Canada resumes coverage on Freehold Royalties with outperform rating
On the economic slate, Statistics Canada said retail sales fell 0.6% to $55.8 billion in July. Sales were down in five of 11 sub-sectors, with the decline primarily driven by lower sales at food and beverage stores and at building material and garden equipment and supplies dealers.
ON BAYSTREET
The TSX Venture Exchange added 5.65 points Wednesday to 874.26.
ON WALLSTREET
U.S. stocks were set to jump for a second day as fears around a crisis in China’s property market eased somewhat and as the Federal Reserve kept current monetary stimulus in place for just a little bit longer.
Futures for the Dow Jones Industrials leaped 182 points, or 0.5%, to 34,311.
Futures for the S&P 500 advanced 21.75 points, or 0.5%, to 4,404.50
Futures for the NASDAQ Composite Index jumped 70.5 points, or 0.5%, to 15,234.
For the month, the S&P 500 and Dow are both down about 3% and the NASDAQ is off by 2%.
Stocks linked to a global economic recovery rose in pre-market trading. Freeport-McMoRan shares added 3.5%. Las Vegas Sands, which has big China exposure, rose 1.5%. Caterpillar added nearly 1%. Energy stocks were also higher.
On Thursday the U.S. Department of Labor will release initial jobless claims number, while several companies are on deck for quarterly updates including Darden Restaurants which reports before the market opens, while Nike and Costco Wholesale will provide quarterly updates once the market closes. Flash estimates for September Manufacturing PMI and Services PMI will also be released.
Hong Kong’s Hang Seng index rebounded more than 1% from losses this week with China property developer Evergrande Group rallying more than 17%. On Wednesday, the company eased fears a bit by resolving payment on a local bond.
But global investors are still waiting on whether the company will pay $83 million in interest on a U.S. dollar-denominated bond due Thursday. Government regulators instructed Evergrande to avoid a near-term dollar bond default.
At the same time, Wall Street Journal reported Thursday that the Chinese government is asking local authorities to prep for a “possible storm” if Evergrande fails. U.S. futures came off their highs following the WSJ report.
Overseas, in Japan, markets were closed for the day, while in Hong Kong, the Hang Seng acquired 1.2%
Oil prices slipped 42 cents to $71.81 U.S. a barrel.
Gold prices dumped $5.10 to $1,773.70 U.S. a pound.
