Stock futures pointed to a higher opening for indices in Toronto on Wednesday after oil prices rose to near $40.00 U.S. per barrel as a weaker dollar spurred interest in riskier assets.
The S&P/TSX Composite Index was positive 36.04 points to conclude the session Tuesday at 13,426.23. Futures raced higher 0.8%.
The Canadian dollar climbed 0.28 cents to 76.76 cents U.S. early Wednesday.
Lululemon Athletica Inc reported a higher-than-expected quarterly profit, helped by strong sales during the holiday shopping period.
Credit Suisse cut the rating on Great-West Lifeco to underperform from neutral
ON BAYSTREET
The TSX Venture Exchange recovered 1.42 points to close Tuesday at 577.22
ON WALLSTREET
U.S. stock futures are rising and pretty much every global stock market is in positive territory on Wednesday.
Ahead of the opening bell, futures for the Dow Jones Industrials skyrocketed 103 points, or 0.6%, to 17,641, futures for the S&P 500 strengthened 11 points, or 0.5%, to 2,058.5. NASDAQ futures gained 32.75 points, or 0.7%, to 4,490.5
The rally was inspired by U.S. Federal Reserve Chair Janet Yellen, who said on Tuesday afternoon that the Fed would "proceed cautiously" with future monetary policy moves, which suggests a lack of appetite for an interest rate hike in April.
Companies including Carnival and Lululemon will report earnings ahead of the open. Micron will report after the close.
Foxconn's planned takeover of struggling Japanese electronics firm Sharp will go ahead, the companies said, although at a significantly lower price than had previously been announced. Both firms are important suppliers for Apple.
On the economic front, ADP will release its monthly employment report for March this morning, giving investors a better idea about the latest employment trends in the U.S. The big news is due Friday, when employment figures for March are to be released.
The federal government will post its weekly update to U.S. crude inventories data at 10:30 a.m.
Oil prices added 57 cents to $38.85 U.S. a barrel
Gold prices faded $9.71 to $1,232.49 U.S. an ounce.
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