Futures Point Down Ahead of Thursday Open

First Quantum, Couche-Tard in Focus

Futures for Canada's main stock index fell on Thursday, as caution prevailed around financial stocks after Credit Suisse secured a lifeline from the Swiss central bank, while higher commodity prices helped cut losses.

The TSX descended 315.32 points, or 1.6%, to close Wednesday at 19,378.84.

March futures on the S&P/TSX index lost 0.2% Thursday morning.

The Canadian dollar edged up 0.02 cents to 72.66 cents U.S.

First Quantum Minerals, the operator of the Cobre Panama mine, has resumed operations to normal levels at the mine, gold-focused royalty and streaming company Franco-Nevada Corp said.

Alimentation Couche-Tard said it is in exclusive talks to buy some of French energy company TotalEnergies' retail assets for 3.1 billion euros ($3.29 billion) in cash.

On the economic calendar, Statistics Canada said wholesale sales rose 2.4% to $84.2 billion in January. Increases in the machinery, equipment and supplies subsector and the food, beverage and tobacco subsector led the growth.


The TSX Venture Exchange parted with 15.41 points, or 2.4%, to 595.52.


Futures tied to the Dow Jones Industrial Average fell Thursday as regional banks slid once again on growing fears of a crisis in banking within the U.S. and Europe.

Futures for the 30-stock index handed back 54 points, or 0.2%, early Thursday to 32,041.

Futures for the S&P 500 sank 1.25 points to 3,923.75.

Futures for the NASDAQ Composite gained 47.25 points, or 0.4%, to 12,425.25.

Credit Suisse announced overnight it will borrow up to nearly $54 billion from the Swiss National Bank to assure short-term liquidity. That offered some relief to the embattled bank in extended hours after it fell to a record low Wednesday following reports that the Saudi National Bank, Credit Suisse’s largest investor, said it would not provide additional assistance. U.S.-listed shares gained 5% in extended trading after falling just under 14% in the prior session.

But the news was not enough to quell fears on Wall Street of an impending crisis, leading regional banks to take another leg down in Thursday’s premarket, led down by a more than 26% drop in First Republic Bank

Traders will keep an eye out for key economic data, including the latest jobless claims report. Housing starts data from the U.S. Census Bureau is also out at 8:30 a.m. ET.

In Japan, the Nikkei 225 index ducked 0.8% Thursday, while in Hong Kong, the Hang Seng fell 1.7%.

Oil prices added 14 cents to $67.75 U.S. a barrel.

Gold prices deducted $1.20 to $1,930.10 U.S. an ounce.