Canada's main stock index looked set to open higher on Wednesday, helped by recent central bank efforts to calm skittish markets, but gains were expected to be limited by weaker-than-forecast U.S. economic data.
The S&P/TSX Composite Index bolted ahead 168.56 points, or 1.4%, to close Tuesday at 12,005.42, with futures up 0.2% Wednesday.
The Canadian dollar strengthened 0.31 cents to 95.41 cents U.S. early Wednesday.
Talisman Energy Inc has drilled a dry well in the Frode prospect in the North Sea, license partner North Energy said. It holds 31.5% in production license 299, while partners Cairn Energy has 28.5%, Dong and North Energy 20% each.
Natural Resources Minister Joe Oliver says Canada does not think there would be a net increase in carbon emissions if TransCanada Corporation builds its proposed Keystone XL pipeline from Alberta's oil sands to Texas
ON BAYSTREET
The TSX Venture Exchange gained 2.34 points Tuesday to 882.36
ON WALLSTREET
U.S. stocks were poised for a modest advance Wednesday, following two highly volatile days of trading.
Futures for the Dow Industrials zoomed 59 points, or 0.4%, to 14,749. Futures for the S&P 500 gained 8.6 points, or 0.5%, to 1,590, and futures for the NASDAQ added 20.75 points, or 0.7%, to 2,879
Investors will likely to welcome the breather after some bumpy, nerve-fraying sessions, driven by fears over when the Federal Reserve will begin to ease its stimulus measures. A cash crunch in China only added to the jitters.
Gold prices fell more than 4% to to a 34-month low, dragged down by the market rout accompanying Fed Chairman Ben Bernanke's comments about potentially pulling back on bond buying later this year.
Gold mining companies Randgold Resources and Barrick Gold fell 4% in pre-market trading. The SPDR Gold Shares Trust ETF also fell 4%.
In corporate news, shares of Smith & Wesson rose after the gun maker issued earnings and sales guidance well above forecasts.
General Mills reported earnings in line with forecasts and weak guidance for the year.
Monsanto reported better-than-expected earnings and reiterated its outlook. Bed Bath & Beyond will report after the markets close.
Apollo Group, which owns for-profit University of Phoenix, was down in after-hours trading Tuesday after reporting disappointing quarterly profits.
European markets were gaining traction in afternoon trading, led by the CAC 40 in Paris, which rose nearly 2%.
Asian markets ended with mixed results. The Shanghai Composite index dipped by 0.4%. Hong Kong's Hang Seng rebounded throughout the day, closing with a nearly 2.5% gain. The Nikkei 225 in Japan ended with a 1% loss.
Oil prices fell 33 cents to $94.97 U.S. a barrel
Gold prices slumped $44.10 to $1,230.70 U.S.
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