The Toronto stock market headed for a negative start to the trading day Wednesday as oil prices fell further after the OPEC cartel cut its forecast for 2015 world oil demand, and also said supplies from non OPEC countries will rise more than forecast next year.
The S&P/TSX composite index tenaciously made its way into the green 51.56 points to end the day at 14,195.73
The Canadian dollar hesitated 0.01 cents to 87.35 cents U.S. early Wednesday.
There was some positive economic data from China. Inflation in the world's second-largest economy fell further in November as the rise in food prices moderated, giving Chinese leaders room if needed to pump more stimulus into the slowing economy.
Consumer prices rose 1.4% over a year earlier, down from October's already low 1.6% increase. Low inflation gives Beijing room to cut interest rates or launch new stimulus spending with less concern about setting off a price spike.
Economic growth fell to a five-year low of 7.3% in the latest quarter. Beijing cut interest rates Nov. 22 in an apparent move to stop the deepening downturn.
ON BAYSTREET
The TSX Venture Exchange regained 5.05 points to end Tuesday at 684.88
ON WALLSTREET
It's difficult for many experts to gauge which way U.S. markets will be heading after a seriously bumpy trading session Tuesday. But one thing seems certain: oil prices keep falling.
Ahead of the opening bell, futures for the Dow Jones Industrials fell 41 points, or 0.2%, to 17,739. Futures for the S&P 500 dipped 4.75 points, or 0.2%, to 2,052.75, and futures for the NASDAQ fell 6.75 points, or 0.2%, to 4,284.
Costco, Lands' End and Vera Bradley will report earnings before the opening bell.
Men's Wearhouse is among the companies reporting after the close.
The price of crude oil is off by nearly 2% and trading below $63 U.S. per barrel. Oil prices have fallen by nearly 40% since June, which has created a lot of uncertainty as investors try to guess when the price will bottom out.
European markets are mostly rising in early trading, but Greek stocks were edging lower. Furious selling sent the market in Athens down nearly 13% on Tuesday as new elections rekindled worries about a possible default.
Asian markets ended with mixed results. The Shanghai Composite rebounded about 3% after suffering heavy falls Tuesday. The benchmark Nikkei index in Japan slid by 2.3% as data showed a drop in consumer confidence.
Oil prices dropped another $1.27 to $62.55 U.S. a barrel
Gold prices eked up $1.20 to $1,233.20 U.S. an ounce.
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