Stock futures pointed to a lower opening for indices in Toronto on Wednesday as investors remained cautious about the health of global economy a day after a deluge of lackluster manufacturing data from across the world.
The S&P/TSX Composite Index plummeted 157.95 points, or 1.1%, to close a turbulent Tuesday at 13,707.68. June futures failed 0.4%.
The Canadian dollar slipped 0.12 cents to 78.47 cents U.S. early Wednesday.
Shopify Inc., a maker of software that helps retailers set up and manage online stores, said its loss widened in the first quarter from the fourth quarter as operating expenses rose.
Maple Leaf Foods Inc reported a first-quarter profit, compared with a year-ago loss, helped by higher earnings in its meat products business.
BMO raised the target price on Baytex Energy to $6.00 from $5.50, with an underperform rating
National Bank Financial raised the target price on IAMGOLD to $4.40 from $4.10, with a sector perform rating
BMO raised the target price on Westjet Airlines to $25 from $22.00 with an outperform rating
On the economic slate, Statistics Canada reported that our exports fell 4.8% to $41 billion in March, while our imports dipped 2.4% to $44.4 billion. As a result, Canada’s trade deficit with the rest of the world widened from $2.5 billion in February to a record $3.4 billion in March.
ON BAYSTREET
The TSX Venture Exchange shed 8.9 points, or 1.3%, Tuesday to 662.33
ON WALLSTREET
U.S. stock futures are dipping, most European markets are slipping in early trading and Asian markets ended the day with small losses.
Ahead of the opening bell, futures for the Dow Jones Industrials slipped 93 points, or 0.5%, to 17,580, while futures for the S&P 500 faded 13 points, or 0.6%, to 2,044. NASDAQ futures faltered 31.5 points, or 0.7%, to 4,303
A slew of quarterly results are coming through on Wednesday. Anheuser-Busch InBev, Priceline, Adidas and Royal Dutch Shell are among the key companies reporting ahead of the open.
Time Warner is also reporting in the morning.
After the close of trading, a range of other companies are reporting results, including Tesla, 21st Century Fox, Fitbit, Kraft Heinz, Marathon Oil, TripAdvisor, Weight Watchers, Whole Foods and Tribune Publishing
Federal prosecutors in Brazil have filed a $44-billion U.S. civil lawsuit against miners BHP Billiton and Vale in relation to a dam collapse that killed 19 people in November. The collapse unleashed a wave of toxic mud, causing what officials have called the worst environmental disaster in Brazil's history.
Oil prices took on 26 cents to $43.91 U.S. a barrel
Gold prices slipped 28 cents to $1,286.22 U.S. an ounce.
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