Toronto's main stock index was set for a slightly lower open on Wednesday, tracking global markets, as weak economic data from Europe and China stoked fears about global growth.
The S&P TSX Composite index leaped 1.3% Tuesday to 12,623,36
The Canadian dollar fell 0.36 to 99.94 cents U.S.
Among Canadian stocks to watch this morning, Rogers Communications posted a 2.8% rise in its fourth-quarter operating profit, driven by growth in both its cable and wireless businesses.
Sears Canada Inc. posted a lower fourth-quarter profit as sales at its established stores fell.
Chorus Aviation’s CEO said Tuesday that its bigger and more diversified fleet will help it defend its turf against WestJet Airline's planned regional airline in Canada.
Offshore stocks were struggling on Wednesday, with little euphoria over Greece's bailout, another troubling sign in Europe's economy and disappointing earnings from Dell Inc.
U.S. index futures were down slightly with about half an hour before markets open, suggesting that stocks will open relatively flat at the start of trading.
Futures for the Dow Jones industrial average were down 16 points or 0.1% to 12, 929. Futures for the broader S&P 500 were down 2.8 points, or 0.2% , to 1,357.30. The Nasdaq composite index dipped five points, or 0.2%, to 2,586. The Dow and S&P indexes closed relatively flat on Tuesday
as well, with the Dow retreating from 13,000 soon after hitting the milestone.
In Europe, the U.K.'s FTSE 100 was down 0.5% and Germany's DAX index was down 1% in afternoon trading. European stocks fell on Tuesday as well, despite finance ministers there reaching an agreement to bail out Greece, averting a messy default.
Some observers believe that the agreement merely postpones another round of problems, and Moody's Investors Service agrees: It downgraded Greek government debt to triple-C, putting it deeper into junk status and adding that default was "highly likely" in the near term.
As well, there are more signs that the European economy is heading for recession. The preliminary composite purchasing managers’ index for the euro-zone contracted in February.
Prices for crude oil faded 0.4% to $105.83 U.S. a barrel.
Gold prices dipped 0.2% to $1,755.30 U.S. an ounce.
