Stock futures pointed to a lower opening for Canada's main stock index on Wednesday as oil prices declined over renewed concerns about the effectiveness of production cuts led by the Organization of the Petroleum Exporting Countries
The S&P/TSX Composite Index progressed 48.42 points to close trading Tuesday at 15,464.56
June futures ditched 0.1% early Wednesday.
The Canadian dollar was unchanged at 74.36 cents U.S. early Wednesday.
Dollarama reported a 13.9% increase in quarterly profit as customers on average spent more at its stores. Moreover, Barclays raises price target on the stock to $121.00 from $115.00; with an equal weight rating
Bombardier said on Tuesday it was confident of winning a trade dispute with Boeing Co in the United States and dismissed industry suggestions that the row could slow efforts to accelerate sales of its CSeries jet.
Paradigm Capital raised the target price on Major Drilling Group International to $9.75 from $8.50
RBC raised the rating on Sun Life Financial to outperform from sector perform
On the economic ledger, Statistics Canada reported Wednesday that municipalities issued $7.1 billion worth of building permits in April, down 0.2% from March, for the third straight monthly decrease.
Lower construction intentions for single-family dwellings were mainly responsible for the national decrease. The value of building permits declined in four provinces in April, led by Ontario and Alberta.
ON BAYSTREET
The TSX Venture Exchange moved lower 3.77 points Monday to 797.21
ON WALLSTREET
U.S. stock index futures pointed to a slightly higher open Wednesday, as investors prepare themselves for a deluge of news out of the political and economic spheres.
Ahead of the opening bell, futures for the Dow Jones Industrials tacked on five points to 21,161. Futures for the S&P 500 gathered 1.75 points, or 0.1%, to 2,432.50. NASDAQ futures moved ahead 7.75 points, or 0.1%, to 5,871
In earnings news, Brown-Forman and Navistar posted quarterly results before the bell. DAVIDsTEA is expected to report after the close.
Meanwhile, consumer credit is slated to come out this afternoon. Also, mortgage applications rose 7.1% last week as rates hit their lowest levels since the election.
Former Federal Bureau of Investigation Director James Comey is expected to testify on Thursday in front of the Senate Intelligence Committee, marking his first public comment since being dismissed by the U.S. president.
On Thursday, British citizens will head to the polling stations to vote in the nation's general election, with investors currently eyeing the latest polls and moves in sterling for any indications on what the result might be.
Thursday will also mark the European Central Bank's latest monetary policy meeting, where investors will be examining President Mario Draghi's rhetoric, when it comes to the future of ECB policy.
European markets eked out slight gains as of noon on the continent, while, in Asia, the Nikkei 225 in Japan gained only four points, while Shanghai’s CSI 300 hiked 1.2%
Oil prices dropped 31 cents to $47.88 U.S. per barrel.
Gold prices fell five dollars to $1,292.50 U.S. an ounce.
