RTTNews - Canadian stocks will look to add to their very modest gains from the previous session Thursday morning, and early signals are indicating a positive start after Asian stocks rebounded overnight.
On Wednesday, the S&P/TSX Composite Index added 12.99 points or 0.12% to close at 10,686.83. Earlier in the week, Bay Street shares bounced back and forth as traders expressed concerns about a double-dip recession.
On the economic front this morning, Canadian wholesale sales data for June is expected to be released at 8:30 a.m. ET. A drop of 0.2% is expected for June, compared to an 0.3% decline for May.
In the US, traders will focus on the customary weekly jobless claims for the week ended August 15, to be released at 8.30 am ET. Economists expect that jobless claims eased to 550,000.
It will be a light day in earnings news. Open Text Corp (OTC.TO) reports fourth-quarter results. Analysts are looking for a quarterly profit of $0.70 per share is forecast, up from $0.63 cents in the same quarter a year ago.
Mining stocks will be in focus after giant Rio Tinto (RTP) on Thursday reported a 65% slump in first-half earnings.
The loonie was higher versus the dollar Thursday morning, rising to C$1.0950. Meanwhile, the price of oil pulled back a bit after yesterday's big jump on a decline in crude inventories. Crude slipped $0.35 to $72.07 a barrel.
European shares were in the green, while Asian stocks snapped back from this week's losses.
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