Stock futures pointed to a higher opening for Canada's main stock index Wednesday, helped by higher oil prices after data showed a fall in U.S. stockpiles after two years of surplus.
The S&P/TSX composite index gained 95.06 points to close Tuesday at 13,647.26
The Canadian dollar gained 0.24 cents to 76.95 cents U.S. early Wednesday
Brookfield Asset Management Inc said it would spin off 35% of Brookfield Business Partners LP, the asset manager's business services and industrial operations in its private equity unit. Brookfield Asset Management said it would spin off the business by distributing a special dividend of about $500 million, or 50 cents per share, to its shareholders in the form of units of Brookfield Business Partners.
Airbus on Tuesday called off talks with Bombardier over propping up the troubled CSeries jet, leaving the Canadian plane maker facing dwindling options to keep alive its dream of competing in the aerospace big league. Under the proposed tie-up, Airbus would have helped Bombardier complete development of the troubled aircraft in exchange for a controlling stake in the program, effectively ending Bombardier’s independent efforts to break into the lower end of the global airplane market dominated by Airbus and Boeing
Franco-Nevada Corp reached a silver streaming agreement with miner Teck Resources Ltd for $610 million. Nevada expects to receive 900,000 to 1.1 million ounces of silver in the fourth quarter from the Antamina mine in Peru as part of the agreement
Bankers Petroleum is out with Q3 earnings today, expecting one cent per share
Le Groupe Jean Coutu PJC expects Q2 earnings of 29 cents per share
Colabor Group looks for Q3 earnings of four cents per share
EXFO Inc projects Q4 earnings of four cents per share
Firan Technology Group expects Q3 earnings of two Canadian cents per share
On the economic front, Statistics Canada reported that building permits cooled in August by 3.7% to $7.5 billion, following increases of 15.5% in June and 0.7% in July. The decline was attributable to lower construction intentions in most provinces, mainly British Columbia, Alberta, Quebec and Saskatchewan.
ON BAYSTREET
The TSX Venture Exchange spiked 8.78 points Tuesday to 538.69
ON WALLSTREET
U.S. stock futures are rising ahead of the open and global markets are looking perky.
Ahead of the opening bell, futures for the Dow Jones Industrials hiked 109 points, or 0.7%, to 16,781, futures for the S&P 500 gained points, or 0.2%, to 1,981.5, and futures for the NASDAQ added 38.5 points, or 0.9%, to 4,328.75.
SABMiller is playing hard to get after Anheuser-Busch InBev offered to buy the beer brewer for $104 billion U.S. in cash. SABMiller's board quickly turned down the offer, saying the company was being undervalued.
If the deal eventually goes through, it would be one of the largest takeovers of all time, and the biggest deal so far this year.
Shares in both companies shot up when the offer came out, but have since settled back down a bit.
AB InBev notes that its offer of £42.15 per share ($64.35 U.S.) represents a 44% premium over SABMiller's share price before takeover talk began in September.
Meanwhile, competitors Diageo and Heineken announced plans to swap some business units. Part of the deal involves Heineken selling its 20% stake in Guinness Ghana Breweries to Diageo.
Shares in Yum! Brands are taking a 16% dive pre-market on news that the fast food giant is still struggling in the Chinese market following a series of food safety scandals. The company owns KFC, Taco Bell and Pizza Hut.
Shares in Volkswagen are shooting up by about 8.5% in Europe after the automaker's new CEO told a German newspaper that the company would start a recall in January to fix millions of diesel vehicles that contain emissions cheating software. The recall will last throughout 2016.
Oil prices hiked 82 cents to $49.35 U.S. a barrel
Gold prices moved up $5.34 to $1,152.58 U.S. an ounce.
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