Markets in Toronto looked set to open lower on Wednesday, as concerns over U.S. lawmakers' lack of progress in dealing with the U.S. fiscal cliff dented investor sentiment.
The S&P/TSX Composite Index dipped 73.42 points to Tuesday at 12,111.63, with futures dipping 0.4%.
The Canadian dollar fell 0.11 cents to 100.46 cents U.S. Wednesday morning
GI Group Inc reported a fourth-quarter loss due to costs associated with its acquisition of Logica.
Research In Motion Ltd has lost a contract dispute over the use of Nokia patents in a case which could halt sales of its BlackBerry phones if it does not reach a deal to pay royalties to the Finnish company.
China's state-owned CNOOC Ltd and its Canadian takeover target Nexen Inc have withdrawn and resubmitted an application for U.S. approval of their $15.1-billion deal, as Canada gets close to its decision on whether to approve the transaction.
ON BAYSTREET
The TSX Venture Exchange settled back 19.58 points Tuesday to 1,206.17
ON WALLSTREET
U.S. stock futures were modestly lower Wednesday, as investors remain on edge over the contentious fiscal cliff negotiations.
The Dow Jones Industrials futures shed 35 points, or 0.3%, to 12,827, while S&P 500 futures scaled back 4.4 points, or 0.3%, to 1,393, and futures for the tech-rich Nasdaq dipped 8.75 points, or 0.3%, to 2,632.50
Senate Majority Leader Harry Reid said late Tuesday that members of Congress have made little progress in hammering out the terms necessary to avoid triggering a slew of year-end tax increases and spending cuts.
His comment sparked a late-day selloff Tuesday.
Investors are unwilling to place any big bets until they get more clarity about what lawmakers plan to do. And with Dec. 31 right around the corner, most experts say trading could be choppy for the rest of the year.
Coming up Wednesday, investors will get a look at the health of the housing market at 10 a.m. ET, when the Census Bureau releases October data on new home sales. At 2 p.m. ET, the Federal Reserve will release the October edition of its Beige Book, a survey of regional economies.
In corporate news, big box retailer Costco announced a special dividend, which will pay shareholders a total of $3 billion U.S. on Dec. 18.
Costco becomes the latest company to move dividend payments in calendar year 2012 as taxes on the payments to shareholders are set to rise on Jan. 1. Costco rival Wal-Mart is among a number of companies speeding up those payments.
A number of companies, including U.S. clothing retailer American Eagle will report quarterly results before the bell.
European markets slid in morning trading, while Asian markets ended lower on Wednesday.
Oil prices slid one dollar a barrel to $86.26 U.S.
Gold prices dipped $25.80 an ounce to $1,716.50
Related Stories
