Equity markets in Toronto looked set to extend the previous session's gains on Wednesday even as a U.S. provisional two-year budget agreement compounded expectations the Federal Reserve will start scaling back its stimulus soon.
The S&P/TSX composite index gained 11.23 points to end Tuesday at 13,356.33, with futures up 0.05%
The Canadian dollar eked lower 0.02 cents to 94.30 cents U.S. early Wednesday
Hudson's Bay Co posted a bigger third-quarter net loss, mainly due to costs related to its acquisition of U.S. retailer Saks, but reported slightly higher same-store sales from its Lord & Taylor chain.
Encana Corp, Canada's largest natural gas producer, said it would boost liquids production by 30% in 2014 as part of new Chief Executive Doug Suttles' plan to focus spending on regions rich in gas liquids and oil.
Canadian National Railway said on Tuesday it is targeting double-digit percentage growth of earnings per share in 2014, and expects capital spending to rise about 5% to $2.1 billion next year.
ON BAYSTREET
The TSX Venture Exchange gained 1.92 points Tuesday to 903.99
ON WALLSTREET
Stocks could take another knock Wednesday as a new U.S. budget deal raises the chances that the Federal Reserve might begin scaling back its support for the economy.
Ahead of the opening bell, futures for the Dow Jones Industrials improved 12 points, or 0.1%, to 15,990. Futures for the S&P 500 subsided 5.5 points, or 0.3%, to 1,803.50, and futures for the NASDAQ edged forward 1.5 points to 3,517.50
Shares of Mastercard rose 4% in pre-market trading after the company reported it would increase its quarterly cash dividend to investors by 83%, pushing it to $1.10 per share.
Smith & Wesson shares rose in after-hours trading after the gun maker reported quarterly earnings that beat expectations.
Congressional negotiators reached a bipartisan budget compromise on Tuesday that would prevent another government shutdown, if approved by the House and Senate. The deal would set spending levels, reduce the deficit and relieve some of the arbitrary, forced spending cuts.
The reduced risk of a damaging shutdown would give support to those arguing for the Fed to begin trimming its $85-billion-U.S.-a-month bond purchases as early as next week.
European markets were mixed, with only France's CAC 40 managing to push higher.
Asian markets ended weaker, with Hong Kong's Hang Seng Index dropping 1.7% and China's Shanghai Composite falling 1.5%, as heavy pollution blanketed the region.
Tokyo's benchmark Nikkei 225 closed 0.6% lower and Australia's ASX All Ordinaries finished the day down 0.7%.
Oil prices faded 24 cents to $98.27 U.S. a barrel
Gold prices dipped $5.10 at $1,256 U.S. an ounce.
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