A positive start for TSX
Oct 12, 2012 / 6:00 am
The Toronto stock market looked set for a positive start to Friday's session amid higher oil prices and a strong earnings report from American banking giant JPMorgan Chase.
The Canadian dollar rose 0.18 of a cent to 102.36 cents US.
New York futures were also positive after the bank handed in a record quarterly profit of US$5.7 billion, up 34 per cent from a year ago, as the bank set aside less money for bad loans. Earnings were $1.40 per share, far exceeding the $1.21 predicted by analysts polled by FactSet.
Revenue rose six per cent to $25.1 billion, beating expectations of $24.4 billion.
JPMorgan stock was up 0.88 per cent to US$42.10 in premarket trading. The stock was as low as $31 in early June, after the bank announced a surprise trading loss that ballooned to $6 billion.
The Dow Jones industrial futures climbed 22 points to 13,287, the Nasdaq futures gained 2.8 points to 2,716 while the S&P 500 futures were ahead 3.6 points to 1,432.
Earnings expectations are low for the third quarter as the eurozone debt crisis continues to take a toll on the economies in Europe, affecting the results of multinationals. The malaise has also spread to developing economies such as China.
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