Canada's main stock index looked set to open higher on Wednesday after slipping to a two-month low in the previous session, as U.S. stock futures rose following some positive company results.
Stock market gains might be capped by persistent worries about the U.S. "fiscal cliff" and the protracted Greek debt crisis.
The S&P/TSX Composite Index let go of 56.80 points to close Tuesday at 12,134.66, with futures up 0.1%.
The Canadian dollar tacked on 0.08 cents to 99.84 cents U.S. Wednesday morning.
Metro Inc. reported higher earnings as sales rose, helped by an extra week in the quarter and a recent acquisition.
Excellon Resources Inc cut its fourth-quarter silver production forecast due to a blockade at its La Platosa mine in Mexico that halted production.
Navigation systems manufacturer Hemisphere GPS Inc said it will exit non-agriculture-related business and cut 38% of workforce.
Iamgold Corp reported a 56% rise in quarterly profit, helped by higher derivative gains, and also cut its 2012 capital expenditure forecast on delays in expansion at two of its mines in Africa.
No major Canadian economic data scheduled for release
ON BAYSTREET
The TSX Venture Exchange capsized 18.57 points to 1,286.89
ON WALLSTREET
U.S. stock futures pointed to a higher opening Wednesday, as strong earnings were offset by two weak economic reports.
The Dow Jones Industrials futures reacquired 27 points, or 0.2%, to 12,744 while S&P 500 futures gained 3.60 points, or 0.3%, to 1,374.50, and futures for the tech-rich Nasdaq picked up 11.25 points, or 0.4%, to 2,571.25.
Cisco was among the biggest pre-market gainers, with shares rising 8%. The tech giant reported profits and sales that beat expectations after the closing bell Tuesday.
On the economic slate, the U.S. government reported retail sales fell 0.3% in October, citing a negative impact from Superstorm Sandy. It was slightly worse than the 0.2% decline forecast by economists surveyed by Briefing.com.
Meanwhile, the whole prices decreased 0.2%, according to the Producer Price Index report. They had been expected to increase by 0.1% -- led by higher energy and food prices.
Following the opening bell, the U.S. Census Bureau will report data on business inventories for September, which are projected to have increased by 0.6%.
Then at 2 p.m. ET, the Federal Reserve will post the minutes of its October policy meeting
Fiscal pressure continues to weigh on Europe, where anti-austerity strikes are planned as part of a "Day of Action and Solidarity."
European markets fell Wednesday morning, as Britain's FTSE 100 lost 0.6%, the DAX in Germany slid 0.3% and France's CAC 40 declined 0.4%
Meanwhile, Asian markets ended higher after paring earlier losses as investors wait for China’s Communist Party to confirm its new leaders. The Shanghai Composite edged up 0.4%, the Hang Seng in Hong Kong jumped 1.2%, and Japan's Nikkei 225 ended just above breakeven.
Oil for December delivery added 11 cents to $85.49 U.S. a barrel.
Gold futures for December delivery fell $3.50 to $1,721.30 U.S. an ounce.
