Canada's main stock index was set to open higher on Wednesday, tracking gains across global equities following a rebound in manufacturing activity in China, although disappointing earnings from top banks kept investors off large bets.
The TSX shed 38.94 points to close Tuesday at 20,221.19.
March futures on the S&P/TSX index were up 0.5% Wednesday morning.
The Canadian dollar increased in price 0.27 cents to 73.55 cents U.S.
Royal Bank and the National Bank, among the country's top lenders, reported lower quarterly profits as bigger rainy-day funds to deal with economic uncertainty outweighed gains stemming from higher interest rates.
On the economic slate, the Markit Canada Manufacturing PMI for February was due at 9:30 a.m. EST.
ON BAYSTREET
The TSX Venture Exchange gained a solid 5.63 points Tuesday to 630.46.
ON WALLSTREET
Stock futures rose Wednesday, the first day of March, as traders tried to recover their footing following a losing month.
Futures for the Dow Jones Industrials gained 49 points, or 0.2%, early Wednesday to 32,732.
Futures for the S&P 500 picked up 5.5 points, or 0.1%, to 3,981.25.
Futures for the NASDAQ Composite progressed 27.25 points, or 0.2%, to 12,099.50.
Sentiment got a boost after the release of much stronger-than-expected data out of China. The country’s National Bureau of Statistics said its official manufacturing PMI rose to 52.6 in February — a high not seen since April 2012.
Shares of Rivian tumbled more than 9% after the company posted mixed fourth-quarter results and an underwhelming production outlook.
Sarepta Therapeutics soared by 17% after Morgan Stanley upgraded Sarepta shares to overweight from equal weight.
Novavax shares dropped 25.4% in early morning trading after the vaccine developer said that “substantial doubt exists regarding our ability to operate as a going concern” through the next year.
In Japan, the Nikkei 225 index gained 0.3%, while in Hong Kong, the Hang Seng popped 4.2%.
Oil prices dropped 46 cents to $76.59 U.S. a barrel.
Gold prices jumped $8.30 to $1,845.00 U.S. an ounce.
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