Futures Rise on Economic Data


Markets in Toronto were set to open higher on Thursday following the release of gross domestic product data for the second quarter.

The S&P/TSX Composite Index gained 50.43 points to conclude Wednesday at 15,133.13

September futures gained 0.3% on Thursday morning.

The Canadian dollar subtracted 0.22 cents to 79 cents U.S. Thursday morning.

Toronto-Dominion Bank reported second-quarter results which were ahead of expectations driven by strong performances of its retail businesses in Canada and the United States.

Magna International Inc said it is developing a system automakers can use to enable vehicles to drive themselves without requiring bulky rooftop sensors or other compromises to vehicle styling.

BBVA said it was looking at the possible sale of its retail bank in Chile after Canada’s Bank of Nova Scotia expressed an interest in buying up to 100%.

Jefferies raised the price target on First Quantum Minerals to $23.00 from $16.00

Desjardins raises price target on Transat AT Inc. to $14.00 from $9.00

On the economic schedule, Statistics Canada reported that real gross domestic product (GDP) rose 1.1% in the second quarter, following a 0.9% gain in the first quarter. Expressed at an annualized rate, real GDP rose 4.5% in the second quarter. Experts were expecting a rise of 3.7% for Q2.

ON BAYSTREET

The TSX Venture Exchange dropped 4.08 points Wednesday to 772.92

ON WALLSTREET

U.S. stock index futures pointed to a higher open on Thursday, as investors geared up for a slew of economic data, while keeping a close eye on oil and the political space.

Ahead of the opening bell, futures for the Dow Jones Industrials gained 59 points, or 0.3%, to 21,930. Futures for the S&P 500 took on 5.5 points, or 0.2%, to 2,461.25. NASDAQ futures advanced 11.75 points, or 0.2%, to 5,946.75

Campbell Soup Company and Dollar-General are among the companies reporting earnings Thursday.

On Thursday, investors will be greeted by a cluster of new data, as key economic releases are published throughout the trading day.

Jobless claims, personal income and outlays are all due out, which will then be followed by Chicago Purchasing Managers Index and pending home sales.

In Europe, stocks were trading higher by noon on the continent, Japan’s Nikkei 225 gained 0.7% and the CSI 300 in Shanghai dipped 0.3%

Oil prices gained 10 cents to $46.06 U.S. per barrel.

Gold prices faded $2.30 to $1,311.80 U.S. an ounce.

Leave a Reply

Your email address will not be published.

two × 4 =