News Column

Futures promise static open for TSX

June 12, 2014



BRP in focus







Canadian stocks looked set to open little changed on Thursday, a day after the World Bank trimmed its global growth forecast.

The S&P/TSX composite index slumped 12.22 points to end Wednesday at 14,843.88. Futures poked up 0.04% early Thursday.

The Canadian dollar was up 0.04 cents to 92.06 cents U.S. early Thursday

BRP Inc, the maker of Ski-Doo snowmobiles and Sea-Doo watercraft, reported a 9% rise in quarterly profit due to a foreign exchange gain on long-term debt and lower tax expenses.

Canadian Agriculture Minister Gerry Ritz lashed out at the United States for acting like a "schoolyard bully" on trade issues, and said he saw more promise in negotiating a bilateral deal with Japan than the more ambitious Trans-Pacific Partnership.

On the economic slate, Statistics Canada reported that its new Housing Price Index rose 0.2% in April, following identical increases in both February and March.

ON BAYSTREET

The TSX Venture Exchange regained 2.22 points Wednesday to 989.14

ON WALLSTREET

U.S. stock futures were relatively steady and making slight gains ahead of the opening bell, after markets broke their recent winning streak Wednesday.

Ahead of the opening bell, futures for the Dow Jones Industrials added two points to 16,857. Futures for the S&P 500 advanced 0.6 points to 1,944.50, and futures for the NASDAQ gained 0.75 points to 3,799.

Embattled retailer Lululemon is scheduled to release quarterly earnings before the market open. Lululemon shares plunged by more than 10% in premarket trading Thursday, the day after Chip Wilson, the yogawear company's founder and largest shareholder, said he voted against the re-election of two of the company's board members.

Restoration Hardware shares soared in extended trading after the company reported earnings that beat analyst expectations.

Meanwhile, shares in fashion house Michael Kors were rising ahead of the open and Exelon shares were under pressure.

Also, Infosys shares were slipping before the bell on news that a new CEO was appointed to lead the IT services company.

Investors will be greeted by a variety of economic news Thursday.

The U.S. Department of Labor is set to release its weekly report on initial unemployment claims, and it will also release monthly data on import and export prices from May. At the same time, the U.S. Census Bureau will release May's retail sales numbers.

European markets made mild gains in morning trading. Asian markets mostly closed with losses.

The price of crude oil on the Nymex is rising by roughly 1% this morning and has been on an upward trajectory for the last few days. Commodity experts are worrying about how developments in Iraq could affect the oil market.

An al Qaeda-inspired militant group called ISIS has taken over large parts of Iraq, including the country's second largest city. This is creating nervousness among commodity traders as they consider how this could affect the country's large oil-producing areas.

Oil prices hiked $1.95 to $106.35 U.S. a barrel

Gold prices jumped $4.70 to $1,265.90 U.S. an ounce.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Baystreet Stock Market Update (Canada)


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