The Toronto stock market headed for a slightly higher open Wednesday as investors continued to monitor the standoff between Russia and Ukraine.
The S&P/TSX composite index ended Tuesday up 77.12 points to 14,289.86
The Canadian dollar inched up 0.03 at 90.44 cents U.S., ahead of this morning’s Bank of Canada's interest rate announcement
In earnings news, media company Torstar Corp. had $20.6 million, or 26 cents a share, of quarterly net income, little changed from $21.1 million a year earlier.
Revenue from Torstar's newspaper and book divisions was $366.5 million, down 7% from $395.7 million a year earlier, although the media divisions revenue was up from the third quarter.
ON BAYSTREET
The TSX Venture Exchange remained positive 3.23 points to end Tuesday at 1,021.23.
ON WALLSTREET
Uncertainty over the future of Ukraine continues to cause investors agitation
Ahead of the opening bell, futures for the Dow Jones Industrials gained 18 points, or 0.1%, to 16,399. Futures for the S&P 500 picked up 2.8 points, or 0.2%, to 1,874.40, and futures for the NASDAQ added 7.25 points, or 0.2%, at 3,724.
On the corporate front, PetSmart and homebuilder Hovnanian will report earnings before the opening bell.
Shares of Smith & Wesson surged 12% in pre-market trading after the gunmaker reported sales jumped 7%., with handgun sales up 30%.
In economic news, ADP will report U.S. employment numbers this morning. The ISM's monthly reading of non-manufacturing jobs will be released at 10 a.m. ET. The latest report on crude inventories will come out at 10:30 a.m. The Ukraine-Russia conflict has also raised worries about the flow of oil.
In the afternoon, the Federal Reserve's beige book report about the health of regional economies will be released.
The tense situation between Russia and Ukraine has left investors and traders uncertain about how to proceed after two days of extreme market volatility.
An announcement from the European Union offering an aid package to Ukraine worth €11 billion did little to lift that anxiety. EU officials have also said they are considering sanctions, and Russia threatening to hit back if that happens.
Investors hit the sell button Monday as they worried Russia was preparing for a possible war with Ukraine.
European markets slid in midday trading. In Asia, Chinese markets moved lower as the country launched its annual parliamentary meetings in Beijing.
The Shanghai Composite index declined by 0.9% and the Hang Seng in Hong Kong edged down by 0.3%. Meanwhile, the Nikkei 225 in Japan climbed by 1.2%
Oil prices dipped 30 cents to $103.03 U.S. a barrel
Gold prices faded three dollars to $1,335.90 U.S. an ounce.
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