Canadian equities were set for a higher open on Wednesday as better-than-expected economic growth in China reassured investors.
The S&P/TSX composite index ended Tuesday up 19.49 points to 14,303.92, and June futures gained 0.3% Wednesday.
The Canadian dollar dipped 0.03 cents to 91.07 cents U.S. early Wednesday
The Bank of Nova Scotia’s international banking chief said his bank sees Mexico as its most promising growth territory and is not deterred by a money-laundering scandal there involving Citigroup's Banamex unit.
TransAlta Corp said on Tuesday it has been selected as the preferred bidder to build a A$550-million ($510 million U.S.) natural-gas fired generating station in South Hedland, Western Australia.
On the economic schedule, folks are waiting for the Bank of Canada rate statement, due out at 9 a.m. ET.
Meantime, Statistics Canada reported that foreign investment in Canadian securities moved higher $6.1 billion in February, mostly corporate instruments. This was matched by Canadian acquisitions of foreign securities at $6.0 billion.
ON BAYSTREET
The TSX Venture Exchange slumped 3.91 points Tuesday to 996.24
ON WALLSTREET
U.S. stock futures were moving higher after a set of positive earnings and better-than-expected Chinese GDP data boosted investor sentiment.
Ahead of the opening bell, futures for the Dow Jones Industrials gathered 55 points, or 0.3%, to 16,260. Futures for the S&P 500 added 7.3 points, or 0.4%, to 1,846.90, and futures for the NASDAQ gained 20.25 points, or 0.6%, to 3,511.50.
Yahoo surged in pre-market trading after the company posted earnings and sales that came in slightly ahead of expectations.
Earnings season is in full swing, with Google, IBM and American Express reporting in the afternoon.
Several banks report this morning. Bank of America shares rose in pre-market trading after reporting a quarterly loss stemming from its $6 billion U.S. in litigation expenses from a settlement with the Federal Housing Finance Agency. The settlement was related to the bank misrepresenting risky mortgage securities that contributed to the housing crisis.
PNC reported, before the bell, that quarterly net income gained year-to-year, "driven by loan and deposit growth, well-controlled expenses and credit quality improvement as well as seasonal trends."
Credit Suisse released quarterly results showing profit dropped by 34% compared to last year. Investors were unimpressed by the performance and shares fell in Zurich.
Investors will also be watching the latest U.S. Federal Reserve developments Wednesday.
Fed chief Janet Yellen is scheduled to speak at the Economic Club of New York.
The central bank will also release its latest Beige Book, a survey of economic conditions, at 2 p.m. ET. The prior release, in March, noted how the cold winter hit the economy.
Meanwhile, this morning, the U.S. government will release data on the number of housing starts and building permits issued in March, giving investors insight into the health of the U.S. housing market.
China's economy grew at an annual rate of 7.4% in the first quarter, compared to the same period last year. While the world's second-biggest economy continues to slow, the figure was slightly stronger than most economists were expecting.
Nearly all Asian markets ended with gains. The Nikkei 225 in Japan surged by 3%.
European markets were all rising in midday trading. The biggest gainer was the Dax index in Germany, which was up by 1%. London's main index was pushing up by 0.4%, with investors cheering data showing the U.K. unemployment rate fell to 6.9%.
Oil prices took on 97 cents to $104.72 U.S. a barrel
Gold prices progressed $1.90 to $1,302.20 U.S. an ounce.
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