Canada's main stock index looked set to open lower on Wednesday, after closing near an 18-month high in the previous session as investors await results from key U.S. companies to find further trading cues.
The S&P/TSX Composite Index recovered 30.38 points to close Tuesday at 12,824.63. Futures stepped back Wednesday by 0.1%
The Canadian dollar inched up 0.02 of a cent to 100.83 cents U.S. Wednesday morning.
Research In Motion has released a new system to allow its biggest customers to use its new line of BlackBerry 10 smartphones on their own networks, paving the way for the January 30 launch of the make-or-break devices.
Aurizon Mines Ltd advised shareholders to reject an unsolicited $780-million takeover offer from rival gold miner Alamos Gold Inc , saying the proposal was inadequate and opportunistic.
Metro Inc said on Tuesday it agreed to sell 48.2% of its stake in Alimentation Couche-Tard Inc.for $479 million.
Bank of Nova Scotia is reportedly targeting growth in Latin American consumer loans and micro-financing, an area that offers wide profit margins at a time when the outlook for loan growth in Scotiabank's home market in Canada is lackluster.
Electronics whiz Celestica Inc. was optimistic about the second half of 2013, despite forecasting first-quarter profit largely below analysts' expectations.
The Bank of Canada is expected to hold steady on its key interest rate today. The decision is anticipated at 10:00 am ET.
ON BAYSTREET
The TSX Venture Exchange gained 4.47 points to 1,241.07
ON WALLSTREET
U.S. stock futures were flat early Wednesday, as investors pore through the latest round of corporate results.
Futures for the Dow Industrials faded 10 points to 13,686. Futures for the S&P 500 slid 2.6 points, or 0.2%, to 1,486.80, and futures for the Nasdaq dipped 0.5 points to 2,750.50
McDonald's reported better-than-expected quarterly earnings and revenue growth, but warned that same-store sales could fall in January.
Shares of US Airways rose after the company reported record profits in the fourth quarter, topping analysts' expectations. Motorola Solutions also posted earnings and sales numbers that beat expectations.
After the market closes, Netflix and Apple are scheduled to report quarterly results.
Apple has been under pressure recently amid concerns about waning iPhone sales. Expectations for earnings vary widely, but many forecasters expect Apple to report a drop in profit for the first time in nine years.
Overall, S&P 500 companies are expected to report earnings growth of 3.8% for the last three months of 2012, according to S&P's Capital IQ.
Investors were encouraged by tech earnings released late Tuesday. Shares of IBM jumped 4% in premarket trading. The company beat fourth-quarter earnings and sales forecasts, and raised its outlook for the year
Google shares spiked 5% in premarket trading, one day after the company came out with earnings and revenues that exceeded forecasts.
But luxury retailer Coach disappointed investors. Revenue missed forecasts and Coach said holiday sales were "challenging." Shares fell more than 10% in early trading.
Investors are also keeping an eye on the World Economic Forum in Davos, Switzerland, where business and political leaders have gathered to discuss economic issues. JPMorgan Chase Chief Executive Jamie Dimon, who attended the event Wednesday, apologized again to shareholders for trading losses the bank suffered on credit derivatives last year, although he said "life goes on."
U.S. stocks finished higher Tuesday, with the Dow and the S&P 500 ticking up to fresh five-year highs
Markets in Europe were mixed in morning trading, while Asian markets ended mostly flat, with the exception of the Nikkei, which slumped 2%.
Oil prices progressed 20 cents to $96.88 cents U.S. a barrel
Gold prices lost 20 cents an ounce to $1,693 U.S.
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