Futures for equities in Canada’s largest market were higher on Wednesday, boosted by gains in oil prices, ahead of inflation and trade balance data.
The S&P/TSX Composite Index nudged lower 13.26 points to end Tuesday at 16,502.20
The Canadian dollar gained 0.12 cents to 74.97 cents U.S. early Wednesday
June futures improved 0.1% Wednesday.
BofA Merrill initiated coverage on Aurora Cannabis with a "buy" rating and $15.00 price target
TD Securities cut the price target on Turquoise Hill Resources to $5.00 from $5.50
On the economic calendar, Statistics Canada’s consumer price index rose 1.9% on a year-over-year basis in March, following a 1.5% increase in February. On a seasonally adjusted monthly basis, the CPI rose 0.3% in March.
Also, Canada's imports declined 1.6% in February, while exports were down 1.3%. As a result, Canada's merchandise trade deficit with the world narrowed slightly, from $3.1 billion in January to $2.9 billion in February.
ON BAYSTREET
The TSX Venture Exchange fell 8.85 points Tuesday to 609.97
ON WALLSTREET
U.S. stock index futures were slightly higher Wednesday morning, as market participants awaited further earnings reports.
Futures for the Dow Jones Industrial Average picked up 42 points, or 0.2%, to 26,489.
Futures for the S&P 500 added seven points, or 0.2%, at 2,918.50
NASDAQ futures jumped up 31.5 points, or 0.4%, to 7,711
Corporate results are the biggest market focus. Morgan Stanley, PepsiCo, Abbott Labs and U.S. Bancorp will update investors before the bell. Las Vegas Sands will also report their latest results.
The Dow Jones ended Tuesday on a higher note on earnings. BlackRock and Bank of America rose on stronger-than-expected results.
Netflix, which reported after the bell, has posted better-than-expected first quarter earnings but showed disappointed guidance for the second quarter. Other corporations that reported after-the-bell results, such as IBM and Sprint, also failed to raise optimism among investors – which may have fuelled modest reaction in pre-market trade.
On the data front, there will be International trade data figures out at 8.30 a.m. ET and wholesale investors due at 10 a.m. ET.
Overseas, in Japan, the Nikkei 225 dipped 0.3% Wednesday, while in Hong Kong, the Hang Seng Index retreated five points.
Oil prices advanced 35 cents to $64.40 U.S. a barrel.
Gold prices surged $1.60 to $1,278.80 U.S. an ounce.
