Canada's main stock index looked set to open higher on Wednesday as investor sentiment got a boost after Alcoa opened the U.S. earnings season with an optimistic outlook for world demand.
The S&P/TSX composite index gained 5.26 points after a generally negative Tuesday, to close the session at 12,504.81. Futures traded up 0.1% Wednesday.
The Canadian dollar shed 0.06 cents to 101.31 cents U.S. Wednesday morning
TransCanada Corp, the country's largest pipeline company, said it has been chosen by Progress Energy Canada Ltd to design, build and operate a gas transmission project in British Columbia.
Eldorado Gold Corp said it will boost gold output by 7-10 % in 2013, as it ramps up production at its Efemcukuru mine in Turkey.
Colombia will create a wilderness park and prohibit mining in a region rich in gold and silver in the country's northeast where Eco Oro Minerals Corp. had hoped to produce precious metals, the government said on Tuesday.
On the economic ledger, housing starts declined by a modest 1.7% to an annualized 198,000 in December, just above market expectations for a 195,000 reading. Canada Mortgage and Housing Corporation also says the level of starts represents the lowest level of homebuilding activity since November 2011.
ON BAYSTREET
The TSX Venture Exchange nipped ahead 1.49 points Tuesday to 1,225.38
ON WALLSTREET
Trading could be quiet on Wednesday, as investors wait for more corporate earnings to confirm a positive start to the reporting season.
Futures for the Dow Industrials gained 15 points, or 0.1%, to 13,282. Futures for the S&P 500 added 1.7 points, or 0.1%, to 1,454, and futures for the tech-rich Nasdaq inched forward 1.5 points, or 0.1%, to 2,715.50
Aluminum producer Alcoa became the first Dow component to report fourth-quarter results after the bell on Tuesday, posting earnings in line with expectations but better-than-expected sales. The news sent shares of the company nearly 2% higher in premarket trading.
Shares of wireless broadband provider Clearwire surged in after-hours trading Tuesday on news that Dish Network had offered to buy the company, kicking off a takeover battle with Sprint. Shares of sprint were down nearly 3% in premarket trading.
However, U.S. stocks fell for the second day in a row on Tuesday, as investors cautiously braced for Corporate America to start reporting quarterly earnings.
European markets were slightly higher in afternoon trading, while Asian markets ended mixed. The Shanghai Composite closed even on the day, while the Hang Seng added 0.5% and Japan's Nikkei advanced 0.7%
Oil prices slid 11 cents to $93.04 cents U.S. a barrel
Gold prices added $1.10 an ounce to $1,663.30 U.S.
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