Canadian shares look headed for a positive start Thursday morning thanks to upbeat earnings announcements from top banks.
However, weak commodity prices may weigh on sentiment and limit market's upside.
Investors will also be reacting to data on U.S. durable Goods Orders, first-quarter GDP and jobless claims report.
Data on average weekly earnings in Canada is due out at 8:30 AM ET.
The Canadian market ended on a strong note on Wednesday on buoyant earnings from Bank of Montreal and amid continued optimism about global economic recovery. The benchmark S&P/TSX Composite Index ended with a gain of 181.35 points or 0.93% at 19,745.57, slightly off a new all-time high of 19,763.67 it touched during the day.
TD Bank Group (TD.TO) reported second-quarter net income of C$3.70 billion or C$1.99 per share, up sharply from C$1.52 billion or C$0.80 per share in the year-ago quarter. Adjusted earnings for the quarter were C$2.04 per share, compared to C$0.85 per share in the prior-year quarter.
Royal Bank of Canada (RY.TO) posted net income of C$4 billion or C$2.76 a share, up from C$1.48 billion, or C$1 per share, a year ago.
Canadian Imperial Bank of Commerce (CM.TO) reported overall net profit of C$1.65 billion or C$3.55 a share for the quarter ended April 30, 2021, up from C$392 million, or 83 Canadian cents, a year ago.
Asian stocks ended mixed on Thursday. The mood was somewhat subdued with investors awaiting data on U.S. inflation, growth and employment.
European stocks are turning in a mixed performance, reacting to the latest batch of economic data and earnings announcements from the region. The mood is a cautious as investors await U.S. inflation data.
In commodities, West Texas Intermediate Crude oil futures are down $0.44 or 0.66% at $65.77 a barrel.
Gold futures are down $4.70 or 0.25% at $1,896.50 an ounce, while Silver futures are down $0.152 or 0.55% at $27.725 an ounce.
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