The Toronto stock market looked set for another day of gains Wednesday amid further positive news from China.
The S&P/TSX index strengthened 138.49 points, or 1.1%, to close Tuesday at 12,484.05
The Canadian dollar crept up 0.12 to 98.50 cents U.S. early Wednesday.
In corporate news, three of Canada’s smaller mobile phone carriers have jointly announced they’re withdrawing from the industry’s main lobby group. Wind Mobile, Public Mobile and Mobilicity accuse the Canadian Wireless Telecommunications Association of consistently taking positions that favour Canada’s three older, bigger carriers — Rogers, Bell and Telus.
ON BAYSTREET
The TSX Venture Exchange leaped 13.38 points to finish Tuesday at 1,054.77
ON WALLSTREET
U.S. stock futures were higher ahead of the opening bell as investors cheered China trade figures and awaited the minutes from the Federal Reserve's latest policy meeting.
Futures for the Dow Industrials hiked 33 points, or 0.2%, to 14,643. Futures for the S&P 500 gained 4.50 points, or 0.3%, to 1,567.70, and futures for the NASDAQ added 10.25 points, or 0.4%, to 2,807.75
China trade figures for March showed a 10% year-over-year increase, buoyed primarily by exports to the United States.
Later in the day, investors will be parsing through the Fed's statement for any clues about when the central bank might curtail its bond-buying program.
Also Wednesday, President Obama will unveil his 2014 budget proposal, which serves as an important marker in continuing debt negotiations in Washington.
In company news, shares of Family Dollar slumped after the company reported earnings that missed estimates and issued a weak outlook.
Shares of JC Penney continued to decline amid uncertainty about the troubled retailer's future after former CEO Ron Johnson was ousted Monday.
Facebook's stock rose 2% in pre-market trading after General Motors announced that it would return to advertising on the social media site, ending its year-long hiatus.
Shares of First Solar pulled back in pre-market trading after a big surge Tuesday following better-than-expected guidance from the solar panel maker.
European markets were higher in midday trading, with London's FTSE 100 rising 0.8% and the CAC 40 in Paris and the DAX in Frankfurt gaining more than 1%.
Asian markets ended higher, as China trade data offset continued tensions and potential war on the Korean peninsula and Fitch Ratings' warning over excessive debt in China.
The Hang Seng increased 0.8%, the Nikkei gained 0.7% and the Shanghai Composite added less than 0.1%
Oil prices registered at $93.75 U.S. a barrel
Gold prices came in at $1,578.60 U.S.
