Stock futures pointed to a higher opening for Canada's main stock index on Wednesday on expectations that the U.S. government will enact the country's biggest tax reforms in 30 years.
The S&P/TSX Composite Index stayed 1.71 points north of breakeven to close Tuesday at 16,133.35
The Canadian dollar gained 0.2 cents to 77.84 cents U.S. Wednesday morning.
March futures were up 0.15% Tuesday.
An economist poll found that Canadian home prices are expected to cool significantly next year as tighter mortgage rules come into effect and as further expected interest rate hikes are likely to dampen a market that has been stoked by cheap borrowing
Canada may ask the World Trade Organization to intervene in the dispute over a proposed 300% duty on U.S. sales of Bombardier's CSeries jets, but any resolution of the trade spat could still take years
BMO cut the rating on Inter Pipeline Ltd. to market perform from outperform
LB Securities started coverage on New Gold Inc. with a buy rating, and a $4.75 price target
On the economic front, Statistics Canada said wholesale trade was up 1.5% to $63.0 billion in October, more than offsetting the 1.1% decline in September. The agency said gains were reported in six of seven sub-sectors, together representing 81% of total wholesale sales.
Moreover, average weekly earnings of non-farm payroll employees were $983 in October, virtually unchanged from the previous month.
Following little year-over-year growth throughout most of 2016, earnings have increased at a faster pace in 2017. Compared with October 2016, earnings rose 3.1%.
ON BAYSTREET
The TSX Venture Exchange dropped 2.55 points Tuesday to 804.96
ON WALLSTREET
U.S. stock index futures are pointing to a higher open Wednesday, as investors await the latest in overhauling the U.S. tax system.
Futures for the Dow Jones Industrials popped 96 points, or 0.4%, to 24,871
S&P 500 futures gained nine points, or 0.3%, to 2,692.75, while futures on the NASDAQ Composite index 26.25 points, or 0.4%, to 6,527
Futures rose ahead of the market open, after Senate Republicans approved sweeping amendments to the U.S. tax code Tuesday. The House had originally voted to pass the bill, but lawmakers in the lower chamber must vote on the measure again because of a procedural snag.
Actuant, General Mills, Herman Miller and Winnebago are among the firms reporting earnings Wednesday.
Meanwhile, existing home sales data are due out at 10 a.m. ET.
Overseas, while Japan’s Nikkei 225 improved 0.1%. In Hong Kong, the Hang Seng Index faded 0.1%
Oil prices gained 23 cents to $57.79 U.S. per barrel.
Gold prices gained $4.20 to $1,268.40 U.S. an ounce.
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