(RTTNews.com) - Canadian stocks are poised for a mixed open Thursday as traders might stay on the sidelines ahead of the two-day EU summit starting today. The meet will likely discuss ways to tackle the ongoing debt crisis in the euro zone, with focus centered on euro bonds and Greece attempting to renegotiate conditions for financial assistance. However, speculation about a move towards common euro-zone bonds subsided after German Chancellor Angela Merkel ruled out such move. U.S. stock futures were pointing to a lower open. On Wednesday, the S&P/TSX Composite Index extended gains for a second session, adding 76.52 points or 0.68 percent to 11,410.94. The price of crude oil was ticked higher Thursday morning amid reports that oil production in Norway, the world's eighth-largest oil exporter, was down 240,000 bpd due to a strike by oil workers. Crude for August edged up $0.45 to $80.66 a barrel. The price of gold was moving lower Thursday morning as the U.S. dollar was steady ahead of the two-day EU summit. Gold for August lost $7.40 to $1,571.00 an ounce. In corporate news from Canada, Progress Energy Resources Corp. (PRQ.TO) said it would be acquired by PETRONAS' Canadian subsidiary, PETRONAS Carigali Canada Ltd at a cash price of C$20.45 per share. Oil and as company Niko Resources (NKO.TO) slipped into the red in fourth quarter, reporting net loss of $183.3 million or $3.55 per share compared with net profit of $6.2 million or $0.12 per share a year earlier. Further, the company revised down its 2013 production guidance to 175,000 Mcfe/d from 227,539 Mcfe/d it produced this fiscal. Bio pharmaceutical company Lorus Therapeutics Inc. (LOR.TO) announced that the Canadian Intellectual Property Office has issued patent for its cancer immunotherapy agent, IL-17E. In economic news from south of the border, the Commerce Department said that GDP increased at an annual rate of 1.9 percent in the first quarter compared to the 3.0 percent growth seen in the fourth quarter. The unrevised pace of growth came in line with the expectations of economists. Meanwhile, new claims for unemployment fell somewhat for the week but nevertheless remained slightly higher than predicted, according to figures released by the U.S. Labor Department. The department put the level of initial unemployment claims at a seasonally adjusted level of 386,000 for the week ending June 23, a decrease of 6,000 from the previous week's revised level of 392,000. Most economists had predicted a somewhat lower level of 385,000 new claims. From the euro zone, unemployment in Germany increased more than expected in June, reports said citing data from the labor ministry. Unemployment rose by 7,000 in June from a month earlier compared to expectations for an increase of 3,000. The unemployment rate rose to 6.8 percent from 6.7 percent in May, while expectations were for a steady rate. Meanwhile, euro zone economic confidence declined less than economists expected in June, survey results from European Commission showed. The economic confidence index fell to 89.9 in June from 90.5, but remains above the consensus forecast of 89.6. Falling confidence in industry, services and, to a lesser extent, among consumers was counterbalanced by improving confidence in retail trade and construction.

Source