Stock futures pointed to a higher opening for markets in Toronto on Wednesday as oil prices inched up on reports of a surprise draw in U.S. crude reserves.
The S&P/TSX Composite dropped 61.42 points to close Tuesday at 14,558.04, with December futures lifting 0.2% Wednesday.
The Canadian dollar dropped 0.11 cents at 75.66 cents U.S. early Wednesday.
Malaysia's Petronas said it would review a proposed $11-billion liquefied natural gas plant in western Canada that was approved by Ottawa following a three-year wait.
BlackBerry Ltd posted a 31.8% fall in second-quarter revenue and said it would end all internal hardware development, including its well-known smartphones.
Rogers Communications’ deputy chairman said Tuesday the company remains committed to its dividend growth strategy and added the failure of its Shomi video streaming joint venture has not diminished its enthusiasm to invest in new technologies
Barclays resumes coverage on Element Financial with an overweight rating, and a target price of $23.00
CIBC raised the target price on Fortis Inc. to $47.00 from $44.00
CIBC raised the rating on Surge Energy to sector performer from underperform.
Members of the Organization of the Petroleum Exporting Countries (OPEC) will hold informal talks at 10:00 a.m. ET in Algiers, but the chances of the group reaching a deal on curbing output to prop up prices appear to be slim.
ON BAYSTREET
The TSX Venture Exchange fell 11.31 points Tuesday at 794.49
ON WALL STREET
U.S. stock futures are edging up with a full slate of activities on the go.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 10 points, or 0.1%, to 18,149, while futures for the S&P 500 took on 0.25 points at 2,144.50. NASDAQ futures picked up 2.5 points, or 0.1%, at 4,863.25
Shareholders in Anheuser-Busch InBev approved the company's takeover of SABMiller on Wednesday. The newly combined firm is set to retain the name Anheuser-Busch InBev. The mega £79-billion ($103-billion U.S.) deal is expected to go through on October 10.
SABMiller shareholders will also vote on the deal Wednesday.
Wells Fargo CEO John Stumpf is forfeiting much of his 2016 salary -- including his bonus and $41 million in stock awards -- as the bank launches a probe into its phony accounts scandal.
Hopes for an OPEC agreement to freeze production in an effort to boost prices faded on Tuesday. Saudi Arabia said a deal may be possible by November, but key details still need to be worked out. U.S. crude futures were up 0.4% after slumping Tuesday at about $45.00 U.S. a barrel.
Additionally, the U.S. Energy Information Administration is reporting weekly crude oil inventory data at 10:30 a.m. ET, which could affect prices.
European markets are all rising in early trading, with Deutsche Bank shares climbing 2% in Frankfurt after a bruising slump earlier this week. Asian stocks were decidedly mixed.
Oil prices gained 51 cents to $45.18 U.S. a barrel
Gold prices dipped $1.30 to $1,329.10 U.S. an ounce.
