Futures Slightly Negative as Oil Prices Again Slip

Magna, Metro in Focus

Futures for Canada's main stock index fell on Wednesday, as oil prices slipped on concerns over slowing global economic growth.

The S&P/TSX Composite Index advanced 70.75 points to close Tuesday at 15,046.28

The Canadian dollar faded 0.04 cents at 75.37 U.S. early Wednesday

March futures gave up 0.2% Wednesday.

Magna International CEO Don Walker said global automobile and auto parts makers who want to capitalize on electric and autonomous vehicles, need to cut back investments and forge more partnerships instead

National Bank of Canada raised the price target on Metro Inc. to $49.00 from $46.00

Raymond James raised the price target on Tourmaline Oil to $27.50 from $24.50.

ON BAYSTREET

The TSX Venture Exchange slipped 4.68 points Tuesday to 598.24

ON WALLSTREET

U.S. stock futures rose on Wednesday as investors cheered strong quarterly earnings from major banks like Goldman Sachs and Bank of America.

Futures for the Dow Jones Industrial Average vaulted 82 points, or 0.3%, to 24,066

Futures for the S&P 500 picked up six points, or 0.2%, to 2,611.50

NASDAQ futures advanced 8.25 points, or 0.1%, to 6,685

Goldman Sachs posted blowout quarterly earnings, sending the stocks up more than 2%. Bank of America also rose 5% after reporting a record quarterly profit. The reports follow the releases of fourth-quarter results from Citigroup, J.P. Morgan Chase and Wells Fargo earlier this week. Morgan Stanley, another major bank, is scheduled to report on Thursday.

Separately, United Continental surged more than 5% after the company posted better-than expected earnings on Tuesday. Delta Air Lines and American Air Lines also rose more than 1% each before the bell Wednesday.

Traders were also digesting news that U.K. Prime Minister Theresa May had lost a vote on her Brexit deal by 230 votes, which is believed to be the highest margin of defeat for any sitting government in British political history.

May told lawmakers that her Conservative government "will listen" following the vote and that a statement will be made in Parliament on January 21 where the prime minister is due to present a "plan B" for the withdrawal agreement.

Jeremy Corbyn, who leads Britain’s Labour party, said he has tabled a motion of no confidence in the government that will be debated and voted on Wednesday.

Overseas, in Japan, the Nikkei 225 dropped 0.6% Wednesday, while in Hong Kong, the Hang Seng index gained 0.3%

Oil prices faded 54 cents to $51.57 U.S. a barrel.

Gold prices picked up a dollar to $1,289.40 U.S. an ounce.