Stock futures pointed to a higher opening for markets in Toronto for the second day on Wednesday as the shock from Britain's vote to leave the European Union petered out and oil prices rose as risk appetite increased.
The S&P/TSX Composite gained back 152.9 points, or 1.1%, to end Tuesday’s session at 13,842.69. September futures bolted 0.5% Wednesday
The Canadian dollar expanded 0.24 cents to 77.02 cents early Wednesday.
Canadian Imperial Bank of Commerce said it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal valued at about $3.8 billion to offer its Canadian clients access to U.S. banking services.
Canadian hedge fund West Face Capital is pushing SNC-Lavalin Group Inc to sell its stake in Ontario's 407 toll highway, a move that could fetch the engineering and construction company more than $5 billion.
RBC starts coverage on Alaris Royalty with a sector perform rating and a $31.00 target price
Evercore ISI raised the target price on Precision Drilling to $8.00 from $7.00
CIBC cut the target price on WSP Global to $42.00 from $45.00
ON BAYSTREET
The TSX Venture Exchange gained back 4.4 points to close Tuesday at 707.25
ON WALLSTREET
U.S. stock futures are pointing up and every major stock market around the world is rising as traders recover from a Brexit-inspired panic attack.
Ahead of the opening bell, futures for the Dow Jones Industrials bolted 120 points, or 0.7%, to 17,421, while futures for the S&P 500 took on 13.75 points, or 0.7%, to 2,042.25. NASDAQ futures hiked 29.75 points, or 0.7%, to 4,310.75.
General Mills and Monsanto are the key companies reporting quarterly results before the bell on Wednesday.
On the economic side, the U.S. Bureau of Economic Analysis is releasing its monthly report on personal income and spending at 8:30 a.m. ET.
An update on the state of the housing recovery is due at 10 a.m. After rising in April, pending home sales are expected to have declined in May.
The U.S. Energy Information Administration is reporting data on the nation's crude oil inventories at 10:30 a.m.
European stock markets are all rebounding by roughly 1% to 2% in early trading. The pound is holding steady, though it's still sitting around record lows against the U.S. dollar.
A summit of European Union leaders in Brussels continues on Wednesday. The meeting could provide more clues about Europe's plan to deal with the U.K. as it leaves the 28-member union.
Meanwhile, Asian markets ended the day with a decent rebound.
Oil prices added 39 cents to $48.24 U.S. a barrel
Gold prices gained $6.80 to $1,324.70 U.S. an ounce.
