Equity markets in Toronto was set for a lower open on Wednesday, hurt by uncertainty over the timeline for a scaling down of the U.S. Federal Reserve's monetary stimulus.
The S&P/TSX composite index was down 32.35 points to end Tuesday at 13,326.04. Futures dropped 0.3%.
The Canadian dollar climbed 0.09 cents to 95.38 cents U.S. early Wednesday
Loblaw reported a 29% fall in quarterly net profit as sales in its retail business, which includes drugstores and its Joe Fresh apparel brand, rose just 1.5%.
Metro Inc reported a lower quarterly profit, hurt by intensifying competition from U.S. retailers Target Corp and Wal-Mart Stores.
National Bank Financial raised the price target on AGF Management Ltd. to $15 from $14, believes improving sales performance and above-average equities exposure position the company for a stronger re-rating relative to peers.
ON BAYSTREET
The TSX Venture Exchange slipped 9.04 points Tuesday to 926.32
ON WALLSTREET
Markets were dragging their heels Wednesday morning as disappointment over China's economic reform plan and continued chatter about less supportive U.S. monetary policy weighed on investor sentiment.
Ahead of the opening bell, futures for the Dow Jones Industrials slumped 57 points, or 0.4%, to 15,653. Futures for the S&P 500 dipped 7.9 points, or 0.5%, to 1,757.20, and futures for the NASDAQ faded 19 points, or 0.6%, to 3,345.50
Looking ahead to corporate earnings, retailer Macy's is due to report results before the market open. Dow component Cisco Systems and SeaWorld Entertainment are set to report after the bell.
Shares of Starbucks drifted lower after the coffee chain agreed to pay $2.7 billion U.S. to Kraft to settle a contract dispute.
Investors were digesting a Chinese Communist Party communique on economic reform that was heavy on jargon but light on specifics.
That put pressure on Asian markets Wednesday, with the main stock indexes in Hong Kong and Shanghai declining by nearly 2%.
European markets were also moving down in morning trading. London's FTSE 100 was leading the way with a decline of more than 1%.
Oil prices prospered 35 cents to $93.39 U.S. a barrel
Gold prices gained $5.90 to $1,277.10 U.S. an ounce.
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