Canadian stock index futures pointed to a higher open on Wednesday, buoyed by data showing U.S. private employers added the most new jobs in a year in February, which fueled hopes for a global economic recovery.
The S&P/TSX composite index finished positive Tuesday by 28.63 points to 12,736.04, with futures up 0.4% Wednesday morning.
The Canadian dollar was fairly flat at 97.37 cents U.S. Wednesday. This morning, the Bank of Canada makes its next announcement on interest rates. The bank could signal that interest rate hikes are even further down the road than thought because of persistent economic weakness.
Torstar Corp, publisher of the Toronto Star, Canada's largest daily, cut about 67 jobs and said it would rein in costs in 2013 as revenue from its media business remains uncertain.
First Quantum Minerals Ltd, which is engaged in a hostile takeover bid for rival base metal miner Inmet Mining Corp, reported a 146% jump in quarterly profit, helped by higher copper and gold sales.
Talisman Energy Inc, Canada's number-six independent oil producer, said it expects its 2013 capital budget to be 25% lower than last year.
Alamos Gold Inc said it was close to blocking Hecla Mining Co's rival bid for Aurizon Mines Ltd.,, and had the support of other "large shareholders."
Isotope provider Nordion Inc reported a smaller quarterly loss due to a gain related to the recovery of income taxes.
ON BAYSTREET
The TSX Venture Exchange added 15.06 points Tuesday to 1,112.23
ON WALLSTREET
The Dow is now in uncharted territory, having edged past previous high-water marks during Tuesday's trading session.
Futures for the Dow Industrials took on another 53 points, or 0.4%, to 14,286. Futures for the S&P 500 advanced 6.4 points, or 0.4%, to 1,543.50, and futures for the NASDAQ gained seven points, or 0.3%, to 2,805.25.
The Dow Jones industrial average reached a record high Tuesday, climbing more than 125 points to close at 14,253.77. It also set an intraday record of 14,286.37. Both prior records were set in October 2007.
Also Tuesday, the S&P 500 finished at its highest level since October 2007 and is now only about 2% away from its record closing high.
In corporate news, office supply company Staples reported fourth quarter results before the bell, showing a 3% increase in sales but a one-third plunge in profit, triggering a 4% decline in its stock price in premarket trading.
Also, the European Union fined Microsoft €561 million, or about $730 million U.S, for failing to provide users of Windows 7 with a choice of Internet browser. The stock edged down just slightly in premarket trading.
Shares of gunmaker Smith & Wesson fell 2% in premarket trading, even as the company reported strong third quarter earnings and said gun sales were soaring.
JC Penney's shares were down 1% in premarket trading, after falling more than 10% on news that one of its biggest shareholders dumped 40% of its stake. The struggling retailer is in the third week of a court battle with Macy's, which claims that Martha Stewart
Living Omnimedia violated a previous agreement by entering into a new partnership with J.C. Penney.
European markets advanced in morning trading, with indexes at their highest points in more than a year, led by Germany's DAX index.
Asian markets ended higher. The Shanghai Composite added 0.9%, the Hang Seng increased 1.0% and Japan's Nikkei rose 2.1%
The ADP National Employment Report showed that private-sector employment increased by 198,000 jobs in February. That was far in excess of the expected increase of 150,000, from Briefing.com's consensus of economist opinion.
The strong payroll report from ADP serves as a precursor to Friday's all-important monthly jobs report.
Also, at 2 p.m. ET, the Federal Reserve will release its Beige Book report on economic conditions.
Oil prices docked 34 cents to $90.48 U.S. a barrel
Gold prices dropped $2.30 an ounce to $1,572.60 U.S.
Related Stories
