Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as Brent crude prices rose towards $76 a barrel, supported by tight supplies.
The S&P/TSX Composite Index sank 93.53 points to close at 15,922.61, running its losing streak to six straight sessions.
The Canadian dollar gained 0.27 cents to 77.09 U.S. early Wednesday
June futures picked up 0.3% Wednesday
Bank of Montreal on Wednesday reported second-quarter results which were ahead of market expectations, driven by strong performances at its retail and wealth management businesses in Canada and the United States.
More than 3,000 locomotive engineers and conductors at Canadian Pacific Railway – members of Teamsters Canada -- have gone on strike on Tuesday night.
CIBC raised the price target on Keyera Corp. to $46.00 from $45.00
CIBC cut the price target on Kinder Morgan Canada to $17.00 from $22.00
CIBC cut the rating on Laurentian Bank of Canada to underperformer from neutral and cut the price target to $49.00 from $55.00
The Bank of Canada issued another rate announcement this morning (10 a.m. ET). The central bank is expected to hold rates steady at 1.25%, but a poll of economists says firmer price and wage inflation will prompt two increases in the second half of 2018.
On the economic beat, Statistics Canada said its Industrial Product Price Index increased 0.5% in April, mainly due to higher prices for energy and petroleum products.
Its Raw Materials Price Index rose 0.7% in April, primarily due to higher prices for crude energy products.
ON BAYSTREET
The TSX Venture inched lower 2.09 points Tuesday to 768.65
ON WALLSTREET
U.S. stock index futures pointed to a higher open Wednesday morning, rebounding after political turmoil in Italy sent markets tumbling in the previous session.
Futures for the Dow Jones Industrials gained 147 points, or 0.6%, to 24,524
S&P 500 futures gathered 12.25 points, or 0.5%, to 2,704.50, while futures for the NASDAQ composite index picked up 22.75 points, or 0.3%, to 6,967.25
On the earnings front, Michael Kors and Dick's Sporting Goods will post new earnings figures before the bell with PVH and Box reporting after the bell.
Hiring decelerated in May, with private companies adding 178,000 positions even amid other signs of a tightening jobs market, according to a report Wednesday from ADP and Moody's Analytics.
The number missed expectations of economists who had forecast 190,000. Moody's Analytics and ADP also revised its April number downward to 163,000, a decline of 41,000 from the original 204,000.
Meanwhile, the Federal Reserve will release its Beige Book at 2:00 p.m. ET.
Italy's political woes have roiled global financial markets amid news the prospect of snap elections in Rome could be framed as a de facto referendum on the country's role in Europe. Italian stocks climbed higher on Wednesday morning but soon snapped back when the leader of the right-wing Lega party, Matteo Salvini, called for snap elections as soon as possible.
In Japan, the Nikkei 225 dipped 1.5%, while in Hong Kong, the Hang Seng Index plunged 1.4% Tuesday
Oil prices aimed higher 38 cents to $67.11 U.S. per barrel.
Gold prices took on 20 cents to $1,304.30 U.S. an ounce.
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