Markets in Toronto looked set for a higher open Wednesday after a sharp loss in the previous session caused by worries that central banks may be easing in their efforts to help the global economic recovery.
The S&P/TSX Composite Index dropped 159.10 points, or 1.3%, to close Tuesday at 12,223.57
The Canadian dollar hiked 0.28 cents to 98.42 cents U.S. early Wednesday.
The TSX is down around 200 points year to date and finished lower in seven of the past eight sessions.
In corporate news, Hudson’s Bay Co. lost $80.7 million in the latest quarter including discontinued operations, down from $129.7 million in the first quarter of 2012.
Revenue rose by 4.2% to $884 million. Hudson's Bay stores in Canada had a 7.6% same-store sales growth, offset by a 1.4% decline at Lord & Taylor stores in the United States.
ON BAYSTREET
The TSX Venture Exchange slipped 9.45 points to end Tuesday at 937.27
ON WALLSTREET
U.S. stocks were headed for a bounce Wednesday, although continuing unease about when central banks will begin weaning investors off cheap money could make for another volatile session.
Futures for the Dow Industrials gained 78 points, or 0.5%, to 15,216. Futures for the S&P 500 increased 7.2 points, or 0.4%, to 1,634.50, and futures for the NASDAQ added 14.5 points, or 0.5% to 2,978.
H & R Block and Men's Wearhouse are scheduled to release quarterly results after the close.
First Solar shares sank after the renewable energy firm announced plans late Tuesday for a new stock offering.
Investors are waiting for the U.S. Treasury Department's monthly budget statement at 2 p.m. ET.
European markets were drifting lower in morning trading. MSCI announced late Tuesday that it has reclassified the Greek stock market as part of its emerging markets group from its previous status as a developed market.
The Nikkei 225 index in Tokyo ticked down by 0.2%, as the yen weakened against both the dollar and the euro. Markets in Hong Kong and Shanghai were closed for a holiday
Oil prices boosted 12 cents to $95.50 U.S. a barrel
Gold prices picked up a dime to $1,377.10 U.S.
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