Toronto stock market to take its cue from U.S. housing, jobs data

TORONTO – The Toronto stock market is likely to move higher in early trading on Thursday as the latest figures on U.S. housing and jobs provide insight into the economy.

The Canadian dollar was ahead 0.42 of a cent to 97.94 cents U.S.

Dow Jones industrial futures are up 12 points to 14,420. S&P futures have lost 0.60 points to 1,548.50. Nasdaq futures are down 1.75 points to 2,783.50.

In commodities, the May crude contract on the New York Mercantile Exchange fell 16 cents to $93.34.

April bullion rose $2.60 to $1,610.10.

The Labor Department releases its weekly jobs report before the markets open Thursday. Economists expect the number of people applying for unemployment benefits ticked upward, but not enough to disrupt more favourable trends for workers.

The number of people applying for assistance fell last week by 10,000, driving the four-week average of applications, a less volatile measure, to the lowest level in nearly five years.

The National Association of Realtors reports on the sale of previously owned homes. Economists say those sales are at their highest level since November 2009.

In Europe, the FTSE 100 index of leading British shares was down 0.7 per cent at 6,386 while Germany’s DAX fell 0.9 per cent to 7,934. The CAC-40 in France was 1.1 per cent lower at 3,787.

Earlier in Asia, Japan’s Nikkei 225 index surged 1.3 per cent to 12,635.69, its highest close since September 2008. South Korea’s Kospi slipped 0.4 per cent to 1,950.82 while Hong Kong’s Hang Seng ended 0.1 per cent down at 22,225.88.