North American markets look going to a higher open today after data showed economic development in america slowed less sharply than expected within the fourth quarter.
GDP increased in a 1 per cent annual rate instead of the previously reported 0.7 percent pace. The economy grew for a price of 2.0 percent in the third quarter.Investors will also be keeping an eye on oil prices, that have been a major driver of stocks this year. Crude was up more than 1 percent as traders closed short positions and demand for U.S. gasoline rose.Husky Energy Inc, Canada’s No. 3 integrated oil company, posted a smaller-than-expected quarterly loss as cost cuts help cushion the impact from slumping crude oil prices.Auto parts maker Magna International Inc reported a boost in quarterly sales, excluding the impact of the strong U.S. dollar, helped by healthy demand in Europe and North America.Shares of Goldcorp Inc plunged in pre-market following the world’s largest gold producer by market price forecast 2016 gold manufacture of 2.8-3.A million ounces, lower than its 2015 output, and reduced its dividend.Global stocks rose as China reassured global financial leaders in the G20 summit that it wouldn’t devalue its currency again but look at other way to support its economy.
“Today’s market is likely to be about oil and economic data,” said Peter Cardillo, chief market economist initially Standard Financial in Ny, adding that China’s reassurance around the yuan was also a positive.
“There’s a great possibility that we could close the week on the high note,” he added, talking about the S&P 500 closing above 1,951, above its 50-day moving average, on Thursday.
? Thomson Reuters 2016
