July 15 (Reuters) - Toronto’s main stock index could open firmer on Thursday as commodity price held higher even after China said its economic growth eased in the second quarter.
The Reuters-Jefferies CRB index .CRB, a global commodities benchmark, was up 0.45 percent in early trade.
Wall Street is poised for a higher open after better-than-expected quarterly profits from JPMorgan (JPM.N) allayed concerns about the strength of the financial sector. [.N]
But U.S. stock index futures trimmed gains after a slew of data, including weekly initial jobless claims, June producer prices and the New York Federal Reserve Bank’s manufacturing activity index.
Canadian equity futures also pointed to a higher open. <0#SXF:>
European shares turned positive as drugmakers advanced, led higher by GlaxoSmithKline (GSK.L) after a U.S. panel of health experts voted to keep its diabetes pill Avandia on the market.
Markets in Asia were down on profit-taking and as the Chinese data injected caution among traders.
Here is some news that could affect stock prices:
China’s economy cooled in the second quarter, a slowdown that is likely to extend over the rest of the year as Beijing steers monetary and fiscal policy back to normal after a record credit surge to counter the global crisis. [ID:nTOE66D06L]
Oil reversed early losses and rose towards $78 a barrel on Thursday after a bounce in equities overshadowed earlier news pointing to flatter economic growth in the world’s number two oil consumer China. [O/R]
Copper edged lower on Thursday as investors worried about a slowdown in the pace of global economic growth, even amid relief in some quarters that China’s economy was slowing but not heading for sharp downturn. [MET/L]
Gold rose in Europe on Thursday as investors ditched assets perceived as risky after the Federal Reserve suggested more measures may be needed to help the U.S. economy and after soft Chinese growth data. [GOL/]
Canadian stocks to watch include:
Nexen Inc NXY.TO, Canada’s No. 5 independent oil company, reported a market-beating quarterly profit driven by higher oil and gas prices and said its Long Lake oil sands project in northern Alberta is approaching breakeven. [ID:nSGE66E0EN]
Opti Canada Inc OPC.TO posted a wider-than-expected quarterly loss, hurt by higher operating expenses and unfavorable currency rates, despite strengthening oil prices and higher production. [ID:nSGE66E0GB]
GuestLogix Inc GXI.TO, which sells onboard retail technology to airlines and railways, posted a rise in quarterly profit helped by an increase in the number of passenger trips. [ID:nSGE66E0HO]
HYDROGENICS CORP (HYG.TO)
Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]
* Kirkland Lake Gold Inc KGI.TO price target raised to C$9.50 from C$9; rating market perform at Raymond James
$1=$1.03 Canadian Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Jeffrey Hodgson