Futures pointed to a lower opening for stock markets in Canada on Wednesday, as oil prices slipped for the fourth straight day on a gloomy outlook for oil demand from the International Energy Agency and ahead of U.S. production data.
The S&P/TSX Composite Index swooned 113.13 points to conclude Tuesday’s trading at 15,913.13
The Canadian dollar demurred 0.42 cents at 78.37 cents U.S. Wednesday morning.
December futures fell 0.4% Tuesday.
Teck Resources has held talks with Dominic Barton, the global managing partner of consulting firm McKinsey & Co, about becoming the Canadian miner's next chairman, replacing Norman Keevil
Kinder Morgan Canada Ltd has again appealed to the country's energy regulator, asking it to set up a process to resolve potential disagreements over local permits for its planned Trans Mountain oil pipeline expansion project.
Ontario announced a tax cut for small businesses on Tuesday, as it said it is on track to balance the budget this year for the first time since the global financial crisis.
CIBC raised the price target on Interrent REIT to $9.00 from $8.50
National Bank cut the rating on Lithium Americas Corp. to sector perform from outperform
On the economic beat, the Canadian Real Estate Association was set to come out Wednesday with October MLS statistics.
ON BAYSTREET
The TSX Venture Exchange tumbled 7.83 points Tuesday to 794.92
ON WALLSTREET
U.S. stock index futures pointed to a sharply lower open Wednesday, following negative sentiment seen from markets overseas, as investors geared up for more earnings and data.
Futures for the Dow Jones Industrials hurtled earthward 97 points, or 0.4%, to 23,278.
S&P 500 futures tailed off 10 points, or 0.4%, to 2,568, while futures on the NASDAQ Composite index faltered 18.5 points, or 0.3%, to 6,275
Shares of General Electric also fell more than 1%i n the pre-market as the industrial giant's slide continues. GE fell has fallen more than 12% this week.
Target reported better-than-expected earnings as same-store sales — a key metric for retailers — topped estimates. However, the stock fell nearly 4% before the bell.
Cisco Systems and L Brands are some of the other big brands set to publish their latest financial figures.
A slew of data is set to be released Wednesday. At 8:30 a.m. ET, retail sales, consumer price index data and the Empire State Manufacturing survey were all scheduled for release.
Business inventories are set to be released at 10 a.m. ET, while Treasury International Capital data is due out at 4 p.m. ET.
Overseas, European stocks were trading poorly with several markets in the red, approaching noon on the continent, while Japan’s Nikkei 225 was 1.6% lower, and in Hong Kong, the Hang Seng Index lost 1%.
Oil prices dropped 59 cents to $55.11 U.S. per barrel.
Gold prices $4.40 to $1,287.30 U.S. an ounce.
