The TSX appeared headed for a modestly higher opening as oil prices recovered some lost ground ahead of a meeting of euro-zone leaders later this week.
The S&P/TSX Composite Index gained 4.03 points to end Tuesday at 11,334.42.
The Canadian dollar added 0.53 of a cent to 97.69 cents U.S. early Wednesday, a day after ratings agency DBRS confirmed the top long- and short-term AAA and R-1 (high) ratings for the Government of Canada debt, citing Canada’s "credible fiscal recovery plan" and "strong track record of outperformance."
In Canadian corporate news, MacDonald, Dettwiler and Associates Ltd. of Vancouver says it will pay $875 million U.S. to acquire a California-based company that makes commercial communications satellites. MDA says the addition of Space Systems/Loral Inc. will give it a critical mass in the U.S. market and global opportunities for growth.
Canadian Pacific Railway says that retired oil executive Rick George has resigned as a director, the latest departure from a board that was transformed by a hard fought proxy battle led by the company’s largest shareholder.
Goldcorp Inc. says an Ontario judge has dismissed Barrick Gold Corp.’s claims that its acquisition of the El Morro project in Chile was illegal because its rival already had an agreement.
Barrick Gold Corp. of Toronto the world’s largest gold producer, claimed in the Ontario court that it had a deal in October 2009 to acquire a majority stake in the project from European miner Xstrata PLC.
ON BAYSTREET
The TSX Venture Exchange dropped 6.69 points to 1,168.96. The Nasdaq Canada index fell 0.65 points to 352.44
ON WALLSTREET
U.S. stocks were set to open little changed Wednesday, as investors around the globe awaited a key European summit.
Futures for the Dow Industrials dropped one point to 12,485, about 30 minutes before the opening bell, while futures for the S&P 500 fell 2.1 points, or 0.2%, to 1,317.60. Futures for the tech-rich Nasdaq shed 2.75 points, or 0.1%, to 2,551.
Pesticide-maker Monsanto reported quarterly earnings of $1.63 U.S. a share on $4.2 billion U.S. in revenue, slightly better than expected. Shares were up slightly in pre-market trading.
Food producer General Mills posted quarterly and annual earnings, missing forecasts on both. CEO Ken Powell said rising commodity costs -- the highest in more than 30 years -- ate away at profits.
Investors will also be keeping tabs on Facebook, since Wednesday marks the end of the so-called quiet period, allowing analysts to publish research on the social media company's estimated value.
European leaders are under pressure to announce plans to backstop the debts of struggling nations, while also laying the groundwork for future growth, during their key meeting on Thursday and Friday.
But with so many similar summits having come and gone, investors are skeptical that anything concrete will emerge.
Spain has been particularly troublesome recently, with its sky-high borrowing costs and struggling banking sector.
European stocks were lower in afternoon trading. Britain's FTSE 100 slid 0.6%, the DAX in Germany fell 1.7%, and France's CAC 40 dropped 2%.
Asian markets ended mixed. The Shanghai Composite slid 0.2%, while the Hang Seng in Hong Kong moved up 1% and Japan's Nikkei rose 0.8%.
Oil for August delivery fell six cents to $79.30 U.S. a barrel.
Gold futures for August delivery fell $5.50 to $1,569.40 U.S. an ounce.
