Stock futures pointed to a higher opening for Canada's main stock index as oil prices rose
The S&P/TSX Composite finished negative 19.16 points – off its lows of the day -- to end Tuesday and January at 15,385.96. For the month, the index rose 1%.
The Canadian dollar dropped 0.25 cents to 76.44 cents U.S. early Wednesday.
Bell Media, a unit of BCE Inc., said on Tuesday it is reducing its radio and television industry workforce in more than two dozen locations across the country by an unspecified number.
Desjardins raised the target price on Intact Financial to $96.00 from $94.00 due to rolling its valuation forward one quarter.
CIBC raised the rating on Richmont Mines to outperform from neutral to reflect increased NAV and CFPS expectations.
Calian Group is out with Q1 earnings, expecting 45 cents per share
CGI Group expects Q1 earnings of 90 cents per share
Exco Technologies projects Q1 earnings of 28 cents per share
On the economic beat, the Markit Manufacturing Purchasing Managers Index is due out at 9:30 ET this morning.
ON BAYSTREET
The TSX Venture Exchange gained 5.1 points Tuesday to 807.34
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Wednesday as traders focused on a batch of economic data and eyed the latest announcement from the Federal Reserve.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 64 points, or 0.3%, to 19,856. Futures for the S&P 500 moved up seven points, or 0.2%, to 2,281.50 NASDAQ futures hiked 32.75 points, or 0.6%, at 5,145.50.
Private companies kicked off 2017 with a hiring spree, according to the latest report from ADP and Moody's Analytics. Amid an explosive month surrounding President Donald Trump's inauguration and the flurry of activity that followed, the report showed firms added 246,000 new workers to their payrolls
Other data scheduled for release include the Markit manufacturing Purchasing Managers Index for January, the Institute for Supply Management Manufacturing index, and construction spending. Vehicle sales are also due throughout the trading day.
The Federal Open Market Committee and the Board of Governors are scheduled to issue a statement on monetary policy at 2 p.m. ET although there will be no press conference. Market expectations for a rate hike on Wednesday were just 4%.
European markets were stoutly higher by the continent’s afternoon, while in Asia, the Nikkei in Japan closed 0.6% higher.
Oil prices added 39 cents to $53.20 U.S. a barrel
Gold prices faltered $2.40 to $1,209.00 U.S. an ounce.
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