Canadian stocks looked set to open higher on Wednesday, as investors awaited minutes from the U.S. Federal Reserve's April policy meeting, which could shed light on the likelihood and timing of interest rate rises.
The S&P/TSX composite index gained 10.45 points to end Tuesday at 14,525.19
The Canadian dollar inched up 0.08 cents to 91.76 cents U.S. early Tuesday.
Sears Canada's first-quarter loss more than doubled as sales continued to decline with low demand for spring merchandise.
Rio Alto Mining said it would buy Sulliden Gold Corp Ltd in a deal valued at about $300 million, creating a gold miner focused on Peru.
TransCanada Corp on Tuesday submitted new pipeline tariffs with the U.S. Federal Energy Regulatory Commission to move crude along the Keystone pipeline as far as the Gulf Coast.
ON BAYSTREET
The TSX Venture Exchange gave back 6.40 points Tuesday to 970.15
ON WALLSTREET
Get ready for a day that will be dominated by central banks and more retail earnings.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 29 points, or 0.2%, to 16, 366. Futures for the S&P 500 took on 3.9 points, or 0.2%, at 1,872, and futures for the NASDAQ added 10 points, or 0.3%, to 3,606.50.
The sector may be able to redeem itself after a slew of retailers, from Staples to Dick's Sporting Goods, posted disappointing quarterly earnings Tuesday that showed Americans were spending less in brick-and-mortar stores.
Target, Tiffany & Co, Lowe's and American Eagle will report earnings before the opening bell. After the close, investors will hear from the company behind Victoria's Secret, L Brands
Shares in Burberry were edging up after the luxury retailer reported full year results showing revenue increased by 17%.
The U.S. Federal Reserve is in focus Wednesday as investors wait for the release of the minutes from its April meeting at 2 p.m. ET. Investors and traders will pour over the notes for any new clues on the direction of monetary policy.
Fed chairwoman Janet Yellen will also be busy, giving a commencement speech to graduates from New York University at Yankee Stadium at 11:15 a.m.
Her address won't necessarily yield anything new, but markets will still be playing close attention.
European markets were slipping lower in morning trading.
Asian markets ended with mixed results. The Nikkei 225 edged lower after the Bank of Japan monetary policy announcement
Oil prices picked up 78 cents to $103.11 U.S. a barrel
Gold prices dropped $4.10 to $1,290.50 U.S. an ounce.
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