Canadian stocks may struggle to extend gains Thursday amid flat commodities and on a mixed batch of earnings reports from major companies. Meanwhile, global stocks were mixed after the Federal Reserve meeting yesterday revealed no major shifts in its accommodative monetary policy, despite a slightly more downbeat assessment of the economic recovery.
U.S. stock futures were pointing to a marginally lower open.
On Wednesday, the S&P/TSX Composite Index snapped its three-session losing streak to add 130.96 points or 1.09 percent to 12,111.06.
The price of crude oil eased Thursday morning, with crude for June easing $0.15 to $103.97 a barrel.
The price of gold was moving higher Thursday morning as the US dollar was trading weak. Gold for June gained $12.10 to $1,654.40 an ounce.
In the Canadian M&A patch, TransGlobe Apartment Real Estate Investment Trust (TGA_UN.TO) said it has entered into an acquisition agreement with PD Kanco LP and Starlight Investments Ltd., pursuant to which holders of REIT trust units will be entitled to receive $14.25 in cash for each unit through a combination of a special cash distribution and redemption proceeds. The consideration of $14.25 per unit represents a premium of 15.4 percent to the REIT's latest closing price of $12.35
In corporate news from Canada, fertilizer maker Potash Corp. (POT.TO) reported a sharp fall in its first quarter net income to $491 million or $0.56 per share from $732 million or $0.84 per share last year. Analysts were expecting the company to report earnings of $0.63 per share. Further, the company lowered its full-year 2012 earnings per share guidance to $3.20 - $3.60 from its prior view of $3.40 - $4.00, while analysts project 2012 earnings per share of $3.64.
Base-metals miner Lundin Mining Corp. (LUN.TO) reported first-quarter net income of $58.3 million or $0.10 per share, lower than $71.2 million or $0.12 per share in the prior-year quarter.
Precious metals company Goldcorp. (G.TO) reported a lower first quarter net earnings of $479 million or $0.51 per share compared to $651 million or $0.81 per share a year ago. However, adjusted net earnings increased to $404 million or $0.50 per share compared to $392 million or $0.49 per basic share. Analysts were expecting the gold miner to report earnings of $0.54 per share.
Packaging materials company Winpak Ltd. (WPK.TO) reported improved first-quarter net profit of $17.09 million or $0.26 per share compared to $15.05 million or $0.23 per share last year. The company declared divided of $0.03 per share for this quarter.
Energy services company Mullen Group (MTL.TO) reported higher first-quarter net income of $58.8 million or $0.73 per share compared to $48.3 million or $0.61 per share last year. However, excluding certain one time items, adjusted earnings jumped to $54 million or $0.67 per share from $34 million or $0.43 per share a year ago. Analysts were expecting the company to report earnings of $0.51 per share.
In economic news from south of the border, the U.S. Labor Department said new unemployment claims for the week ending April 21, came in at a seasonally adjusted level of 388,000. That marks a marginal drop of 1,000 new claims from the previous week's revised level of 389,000, which itself was revised up from the 386,000 initially reported. Most economists had forecast a somewhat significant drop in the level of new claims, predicting the figure would fall to roughly 375,000.
Elsewhere, euro zone economic confidence declined more than expected to 92.8 in April from revised 94.5 in March, according to European Commission survey results. Economists were forecasting the index to drop to 94.2. The decline in the euro area was mainly driven by weakening confidence in the industry and services sectors. Confidence improved only in the retail sector.
According to preliminary data from Federal Statistical Office, Germany's EU harmonized annual inflation slowed in April. The harmonized index of consumer prices (HICP) advanced 2.2 percent annually in April, in line with economists' forecast. In March, the year-on-year rate of growth was 2.3 percent. On a monthly basis, the HICP advanced 0.2 percent in April, after rising 0.4 percent in the previous month. Economists were looking for a 0.1 percent rise.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.