Stock futures pointed to a higher opening for Canada's main stock index after China's central bank intervention calmed wobbly markets.
The S&P/TSX composite index closed Tuesday down 377.22 points, or 2.7%, at 13,481.90.
The Canadian dollar crept up 0.04 cents to 75.48 cents U.S. early Wednesday
Sears Canada reported a quarterly profit, helped by lower costs and a one-time gain on sale of properties. The company reported a profit of $13.5 million, or 13 Canadian cents per share, compared with a loss of $21.3 million, or 21 Canadian cents per share, a year earlier.
Net income included a pre-tax gain of $67.2 million on a sale and leaseback of three properties in British Columbia and Alberta
TransCanada Corp said on Tuesday the U.S. Federal Energy Regulatory Commission has allowed it to reclassify some 1.1 billion cubic feet of gas in storage as "working gas" which can be burned at any time for heating or electrical generation. Previously, the gas was classified as "base gas" supply, which must be left underground to maintain a certain level of operational pressure in a gas cavern.
Barclays raises target price on Alimentation Couche-Tard to $57.00 from $55.00 following the company’s strong first-quarter earnings.
CIBC cut the target price on Penn West Petroleum to $1.50 from $2.50 after the company announced it is eliminating its dividend, cutting capex, and reducing its workforce by 35%
CIBC also cut the target price on Pengrowth Energy to $3.00 from $3.50 as the company announced a reduction in its dividend by 83% and suspension of its dividend reinvestment program.
ON BAYSTREET
The TSX Venture Exchange faded 11.19 points, or 2%, to finish Tuesday trading at 547.97.
ON WALLSTREET
U.S. stock futures are rising though global investors remain cautious as volatility continues to sweep through markets.
Ahead of the opening bell, futures for the Dow Jones Industrials jumped 102 points, or 0.6%, to 16,189, futures for the S&P gathered 11 points or 0.6%, to 1,927, and futures for the NASDAQ hiked 27.25 points, or 0.7%, to 4,185.50
Vera Bradley is among a small group of companies reporting earnings today.
A few stocks are on the move pre-market: Disney shares are climbing 2.5% and GM is pushing up 2%.
There's a handful of economic releases to look out for Wednesday, kicking off with ADP August employment numbers this morning.
Also, the U.S. Bureau of Labor Statistics is due to report revised productivity numbers for last quarter. The Census Bureau will put out new factory order figures for July.
The newest beige book, which contains information about current economic conditions from regional Federal Reserve banks, will be released at 2 p.m. ET.
It was another day of wild trading in China. The Shanghai Composite index pared sharp early losses to close down 0.2%, while the smaller Shenzhen index lost 2%. Beijing has acted aggressively in recent months to prop up stocks after a crash beginning mid-June wiped out all this year's gains.
European markets are drifting lower in early trading, with Germany's DAX index down 0.2% and the U.K.'s FTSE index shedding 0.25%.
Oil prices faded 84 cents to $44.57 U.S. a barrel
Gold prices dipped $2.30 to $1,137.50 U.S. an ounce.
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