Futures for Canada's main stock index rose on Wednesday, as reports of drug breakthroughs in treating the coronavirus lifted oil prices.
The TSX Composite Index popped 132.97 points to conclude Tuesday at 17,512.73
The Canadian dollar was unchanged early Wednesday at 75.28 cents U.S.
March futures gained 0.6% early Wednesday.
Endeavour Mining’s CEO says the company is not looking for other potential acquisitions after its failed offer for Centamin.
Britain's competition regulator said it plans to investigate the planned merger of gambling companies Flutter Entertainment and The Stars Group.
RBC raised the price target on CRH Medical to $6.50 from $5.50
Scotiabank raised the rating on Hudbay Minerals to outperform from sector perform.
ON BAYSTREET
The TSX Venture Exchange sank 1.16 points Tuesday to 573.42.
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Wednesday as the market continues to bounce back from a steep sell-off that was sparked by worries over the coronavirus.
Futures for the Dow Jones Industrials leaped 248 points, or 0.9%, early Wednesday to 28,707.
Futures for the S&P 500 added 27.25 points, or 0.8%, at 3,326.75
Futures for the NASDAQ Composite galloped 96.5 points, or 1%, to 9,451.50
Disney on Tuesday topped first-quarter earnings expectations on both the top and bottom lines, but warned of a $175-million hit to its theme parks as a result of the coronavirus outbreak.
Meanwhile, Ford shares slid on Tuesday after the carmaker posted a fourth-quarter loss and disappointing 2020 guidance, warning of virus-related manufacturing shutdowns.
On the data front, ADP private payrolls numbers for January are due at 8:15 a.m. ET, before December international trade numbers at 8:30 a.m. ET. Final January services PMI (Purchasing Managers’ Index) readings are expected at 9:45 a.m. ET, followed by ISM non-manufacturing data at 10 a.m.
Stock futures turned higher in overnight trading after media reports said a Chinese TV media outlet had reported that a research team at Zhejiang University had found an effective drug to treat people with the new coronavirus. The reports suggested this was a reason for the move higher in stocks.
Overseas, in Japan, the Nikkei 225 rocketed 1% Wednesday, while in Hong Kong, the Hang Seng gained 0.4%
Oil prices gushed $1.47 to $51.08 U.S. a barrel.
Gold prices slid $1.40 to $1,554.10 U.S. an ounce.
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