Futures on stocks in Canada’s biggest centre were higher on Wednesday after oil prices held above $40 a barrel on speculation that the world's largest exporters could agree this month to freeze production.
The S&P/TSX Composite Index faded 72.55 points to close Tuesday at 13,311.05, officially ending the gauge’s win streak at eight straight sessions. Futures moved 0.5% higher Wednesday.
The Canadian dollar ekes up 0.04 cents to 74.62 cents U.S. early Wednesday.
Billionaire Bill Ackman on Tuesday called Valeant Pharmaceuticals a "very valuable asset" but forecast that if the company's situation does not stabilize soon, new management will be brought in or the company will be sold.
Crescent Point Energy said it expected 2016 capital expenditure and production to be at the lower end of its forecasts and the company slashed its dividend.
Imperial Oil said it agreed to sell 497 remaining company-owned Esso retail stations to five fuel distributors for about $2.8 billion
National Bank Financial resumes coverage on Advantage Oil & Gas with an outperform rating
RBC raised the rating on Atlantic Power to sector perform from underperform.
Desjardins raised the rating on New Gold to buy from hold
The Bank of Canada meets on Wednesday, expected to hold interest rates at 0.5% as it allows the effects of last year's two rate cuts to filter through the economy. The bank will announce its decision at 10:00 a.m. ET.
ON BAYSTREET
The TSX Venture Exchange dipped 0.89 points Tuesday to 570.55
ON WALLSTREET
U.S. stock futures are holding steady around Tuesday's closing levels
Ahead of the opening bell, futures for the Dow Jones Industrials gained 82 points, or 0.5%, to 17,054, futures for the S&P 500 took on 9.25 points, or 0.5%, to 1,990.25. NASDAQ futures hiked 20.5 points, or 0.5%, to 4,291.
Shares in Chipotle are falling after the burrito chain had to close a store in Massachusetts due to concerns that several employees may have contracted the norovirus.
Chipotle was recently subpoenaed by a federal grand jury over a norovirus outbreak in California. That followed a lengthy E. coli outbreak that was connected to eating at Chipotle restaurants in multiple states.
Shares in Volkswagen are dipping in Germany after the U.S. Department of Justice was reported to be planning to use a bank fraud law to pursue a case against the automaker over its emissions scandal. The Department of Justice and Volkswagen declined to comment on the issue.
The bull market in U.S. stocks officially turns seven on Wednesday.
All three major U.S. indices have been rising -- with the occasional correction -- since bottoming out on March 9, 2009. Over the past seven years, the Dow has surged by 159%, the S&P 500 is up 193% and the NASDAQ has made a stunning 266% gain.
Most European markets are rising in early trading. Asian markets ended with mixed results. The main indexes in China took the biggest falls in the region, with the benchmark Shanghai Composite dropping by 1.3%.
Oil prices gained 55 cents to $37.05 U.S. a barrel
Gold prices dropped $7.52 to $1,253.92 U.S. an ounce.
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