Canadian stocks are poised for a weak open Thursday as commodities faltered amid soft macroeconomic data out of the euro zone and the U.S. While U.S. unemployment benefits rebounded by more than anticipated last week, housing starts fell by much more than expected in the month of April.
European shares are trading mixed after data from Eurostat revealed euro zone's trade surplus more than doubled in March from a month ago, while inflation slowed as initially estimated to 1.2 percent in April from 1.7 percent in March.
U.S. stock futures were pointing to a flat open.
On Wednesday, the S&P/TSX Composite Index dived 103 40 points or 0.82 percent to 12,473.65.
After snapping its four-session losing streak in the previous session, the price of crude oil was trading flat Thursday morning as traders digest the inflation data out of the US. Crude for July edged up $0/07 to $94.63 a barrel.
The price of gold moved down to its one-month low Thursday morning, with the US dollar trading steady versus a basket of currencies after the release of inflation numbers. A stronger greenback makes dollar-denominated commodities more expensive for holders of other currencies. Gold for June lost $19.10 to $1,377.10 an ounce.
In corporate news from Canada, energy infrastructure company TransCanada Corp. (TRP.TO) said it would divest its 45 percent stake in each of Gas Transmission Northwest LLC and Bison Pipeline LLC to TC PipeLines, LP, a U.S.-based Master Limited Partnership, for about $1.05 billion.
Asset management company Dundee Corp. (DC_A.TO) slipped into the red in first-quarter, reporting net loss of $10.2 million or $0.23 per share compared to a profit of $32.5 million or $0.53 per share in the same period last year.
Diversified management and holding company Power Corp. of Canada (POW.TO) reported lower first-quarter profit of $225 million or $0.49 per share compared to $260 million or $0.57 per share in the same period last year. Operating earnings improved to $247 million or $0.54 per share from $205 million or $0.45 per share last year. Analysts expected the company to earn $0.51 per share for the quarter.
In economic news, Statistics Canada said non-resident investors acquired $1.2 billion of Canadian securities in March, led by investment in government bonds, while Canadian investors added $3.8 billion of foreign securities to their holdings, following a $4.3 billion acquisition in February.
From the U.S., the Labor Department said its consumer price index fell by 0.4 percent in April following a 0.2 percent drop in March. Economists had expected prices to decrease by about 0.3 percent. Excluding food and energy prices, the core consumer price index edged up by 0.1 percent in April, matching the increase seen in the previous month. Core prices had been expected to rise by 0.2 percent.
A separate report from the Department revealed that initial jobless claims rose to 360,000, an increase of 32,000 from the previous week's revised figure of 328,000. Economists had expected claims to climb to 330,000 from the 323,000 originally reported for the previous week.
Meanwhile the U.S. Commerce Department said housing starts tumbled 16.5 percent to a seasonally adjusted annual rate of 853,000 in April from the revised March estimate of 1.021 million. Economists had expected housing starts to drop to an annual rate of 969,000 from the 1.036 million originally reported for the previous month. On the other hand, the report also showed that building permits jumped 14.3 percent to an annual rate of 1.017 million in April from the revised March rate of 890,000.
Elsewhere, euro zone inflation slowed as initially estimated to 1.2 percent in April from 1.7 percent in March, final data from Eurostat showed. Month-on-month, prices were down 0.1 percent. Core inflation that excludes energy, food, alcohol and tobacco, fell to 1 percent from 1.5 percent a month ago.
Separately, the Eurostat said euro zone's trade surplus more than doubled in March from a month ago. The surplus amounted to EUR 22.9 billion in March, higher than EUR 10.1 billion in February. In March 2012, the balance was positive at EUR 6.9 billion.
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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.