Futures for Canada's main stock index fell on Wednesday, tracking a drop in global markets.
The S&P/TSX Composite Index hung onto gains of 10.88 points Tuesday to 16,067.91
The Canadian dollar strengthened 0.13 cents to 76.09 cents U.S. early Wednesday
March futures inched down 0.2% Wednesday.
The U.S. Commerce Department announced on Tuesday it will open a new anti-dumping probe to determine whether fabricated structural steel from Canada, China and Mexico is being sold at below fair value.
A Bank of Canada-led working group proposes expanding the range of transactions used in the calculation of the Canadian Overnight Repo Rate Average interest-rate benchmark, according to a consultation paper published by the central bank on Tuesday.
Australian rural services firm Ruralco Holdings Ltd backed a $337-million U.S. takeover bid by Canada's Nutrien, the latest potential tie-up in a sector consolidating in the face of severe drought.
National Bank of Canada raised the price target on Bank of Montreal to $116.00 from $114.00
CIBC downgraded the rating on Bank of Nova Scotia to neutral
RBC cut the price target on Husky Energy to $17.00 from $19.00
On the economic calendar, Statistics Canada said the consumer price index rose 1.4% on a year-over-year basis in January, down from a 2.0% increase in December.
On a seasonally-adjusted monthly basis, the CPI declined 0.1% in January.
The agency also reported that average weekly earnings of Canadian non-farm workers totaled $1,012 in December, little changed from the previous month, but up 1.8% from December 2017.
ON BAYSTREET
The TSX Venture Exchange notched up 0.22 points Tuesday to 623.95
ON WALLSTREET
U.S. stock index futures were slightly lower Wednesday morning as a summit between President Donald Trump and North Korean leader Kim Jong Un got underway. Investors also awaited more testimony from the top-ranking Federal Reserve official.
Futures for the Dow Jones Industrial Average subtracted 64 points, or 0.3%, at 25,973.
Futures for the S&P 500 dipped 6.25 points, or 0.2%, to 2,785.25
NASDAQ futures slumped 20.5 points, or 0.3%, to 7,097.25
Hostess Brands and HP Inc. are among the firms reported earnings today.
On the data front, advanced economic indicators for December will be released early Wednesday morning. Pending home sales for January and factory orders for December are both set to follow later in the session.
The Trump-Kim summit comes ahead of their second summit in less than a year, with investors monitoring whether the meeting can break a stalemate over Pyongyang's nuclear weapons and end more than 70 years of hostility. Trump said he hoped the summit will be "equal or greater" relative to last year's meeting with Kim.
In the U.S., Fed Chairman Jerome Powell is scheduled to testify in front of a House committee. On Tuesday, he told members of the Senate Banking Committee the central banks remains "patient" in its approach to monetary policy. Powell also described the U.S. economic outlook as "generally favorable" but one that faces challenges from abroad.
Overseas, in Japan, the Nikkei 225 triumphed 0.5% Wednesday, while in Hong Kong, the Hang Seng sagged 0.1%.
Oil prices hiked $1.33 to $56.83 U.S. a barrel.
Gold prices improved $1.90 to $1,330.40 U.S. an ounce.
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