Canadian stock index futures were higher Wednesday, as oil prices surged on optimism that oil producers of the Organization of the Petroleum Exporting Countries would arrive at an agreement to limit output.
The S&P/TSX composite index closed down 15.55 points Tuesday to 14,999.81.
The Canadian dollar hiked 0.31 cents to 74.71 U.S. early Wednesday.
Royal Bank of Canada reported a worse than expected decline in fourth-quarter profits, reflecting lower earnings from its capital markets business and an increase in loans to oil firms turning bad.
TMX Group says it is committed to exploring new technologies such as blockchain despite the exit of its first chief digital officer after less than a year in the job
KBW raised the target price on Bank of Nova Scotia to $77.00 from $69.00, citing a stable credit, outperformance in investment banking and trading revenues, and slightly better than expected loan growth.
Berenberg raised the target price on Lundin Mining to $7.00 from $6.00, considering a solid balance sheet, good management and sound assets.
Berenberg raised the rating on Teck Resources to hold from sell, reflecting the stronger coking coal price environment.
On the economic front, Statistics Canada reported that gross domestic product grew 0.9% in the third quarter, following a 0.3% decline in the second quarter.
StatsCan also says exports of energy products, rebounding from a second quarter decline, boosted growth.
The agency’s industrial product price index rose 0.7% in October, led by higher prices for energy and petroleum products, while, in the same month, the raw materials price index increased 3.3%, mainly due to higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange was down 1.95 points to end Tuesday at 734.86.
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Wednesday as traders eyed a sharp jump in oil prices ahead of a potential production cut deal from OPEC.
Ahead of the opening bell, futures for the Dow Jones Industrials took on 45 points, or 0.2%, to 19,160. Futures for the S&P 500 gained 5.75 points, or 0.3%, to 2,209.50. NASDAQ futures picked up 4.25 points, or 0.1%, to 4,879.25.
On the earnings front, PVH, Box, Guess and Pure Storage are all due to report after the market close.
Wednesday will see a host of data reports starting with ADP payrolls for November. Personal income, consumer spending and core PCE prices for October follow. Chicago Purchasing Managers Index, pending home sales, New York Fed household debt and the latest beige book report will also be released throughout the trading day.
Media reports said OPEC began on Wednesday debating a deal to curtail oil production in an effort to prop up the price of crude with Iran and Iraq under pressure from Saudi Arabia to participate fully in any action
European markets were marginally higher as the clock approached noon on the continent, while in Asia, the Shanghai Composite in China closed 1% lower, while the Nikkei in Japan closed 0.01%.
Oil prices bolted higher $3.18 cents to $48.41 U.S. a barrel
Gold prices shuttled lower $6.10 at $1,184.70 U.S. an ounce.
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