Stock futures pointed to a higher start for Canada's main stock index as oil prices rose further after weekly data showed a fall in U.S. crude inventories.
The S&P/TSX composite index remained positive 22.61 points to close Tuesday at 14,491.05
The Canadian dollar inched ahead 0.09 cents to 75.09 cents U.S. early Wednesday
National Bank Financial cut the target price on 5N Plus Inc to $2.25 from $2.75 as the company’s second quarter results were again impacted by erosion of commodity prices, down by more than 40% from Jan. 1.
National Bank Financial raised the target price on Saputo Inc to $35.00 from $34.50 as management expressed optimism regarding ongoing efficiency initiatives and the company’s outlook will be supported by acquisition opportunities and capital return to shareholders.
Among those reporting earnings this morning: Agrium Inc, expecting Q2 earnings of $4.77 per share
Barrick Gold Corp is expecting Q2 earnings of six cents per share, while Bellatrix Exploration Ltd looks forward to a Q2 loss of eight cents per share
On the economic calendar, Statistics Canada says exports increased 6.3% in June while imports declined 0.6%. This means Canada's merchandise trade deficit with the world narrowed from $3.4 billion in May to $476 million in June.
ON BAYSTREET
The TSX Venture Exchange fell 4.43 points Tuesday to 589.88
ON WALLSTREET
U.S. stock futures are relatively steady in early Wednesday trade
Ahead of the opening bell, futures for the Dow Jones Industrials hiked 73 points, or 0.4%, to 17,527, futures for the S&P moved higher 13.75 points, or 0.7%, to 2,096.75, and futures for the NASDAQ jumped 32.25 points, or 0.7%, to 4,584.
The owner of T.G.I. Friday's and Jamba Juice, Inventure Foods, is reporting ahead of the open, alongside Discovery, Martha Stewart Living, Priceline, Kate Spade, Ralph Lauren, Sodastream, Wendy's and Time Warner.
Then after the close we'll hear from Tesla, Transocean, 21st Century Fox, CBS, Fitbit, Herbalife and GoDaddy.
The Institute for Supply Management is releasing data at 10 a.m. ET showing the health of the U.S. services sector in July. The previous report showed business has been growing.
Crude oil inventory data from the U.S. is released at 10:30 a.m, which could result in some brisk trading. Currently, crude futures are trading just below $46 U.S. per barrel after falling by about 20% last month.
European markets are mostly advancing in early trading, with miners leading the way higher.
Asian markets ended with mixed results. Key stock markets in China and Australia lost some ground while all the others pushed higher.
Oil prices moved up 22 cents to $45.96 U.S. a barrel
Gold prices faded $3.50 at $1,087.20 U.S. an ounce.
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