Markets in Toronto are still shaking off the effects of a sharp drop from Tuesday, precipitated by uncertainty over a new set of Greek elections.
The S&P/TSX Composite Index plummeted 145.48 points, or 1.3%, to end Tuesday at 11,343.05
The Canadian dollar traded this morning up 0.4 cents to 100.05 cents U.S.
Statistics Canada reported that manufacturing sales increased 1.9% in March to $49.7 billion, the largest advance since September 2011. The gain was led by the petroleum and coal products industry and was much better than the 0.3% gain that economists expected.
ON BAYSTREET
The TSX Venture Exchange capsized 63.76 points to 1,240.07, while the Nasdaq Canada deducted 9.16 points to 365.04.
ON WALLSTREET
U.S. stocks were set for a flat open Wednesday, as the political uncertainty in Greece continues ahead of several U.S. economic reports and corporate earnings
Futures for the Dow Jones Industrials gained 59 points, or 0.5%, to 12,664, signaling a brighter start to trading. Futures for the broader S&P 500 were up 7.10 points, or 0.5%, to 1,335.30, while the Nasdaq futures gained 14 points, or 0.5%, to 2,592.25.
Investors will get reports on the housing market before the opening bell Wednesday, followed by crude inventories after the open and the latest Fed minutes in the afternoon.
Housing starts are expected to rise to an annual rate of 680,000 from 654,000 in March, according to analysts surveyed by Briefing.com. Meanwhile, building permits are expected to have fallen from a rate of 747,000 to 730,000.
Greek president Karolos Papoulias has announced the country will hold new elections after politicians failed to reach agreement on a coalition government to run the country. The vote is already being considered a referendum on whether the country should remain in the euro-zone and investors are concerned that political gridlock will put international aide at risk.
China’s Hang Seng index was down 3.2%, Japan’s Nikkei 225 index down 1.1%.
London’s FTSE 100 index was down 0.7%, France’s CAC 40 index up 0.5%. Germany’s DAX index declined 0.5%, Spain’s IBEX 35 index down 0.2%.
Oil was down $1.59 U.S. to $92.39 a barrel
Gold was down 0.5% to $1,536.57 U.S. an ounce
