Canadian stock index futures were lower on Wednesday, dragged down by weaker commodity prices and global economic recovery concerns a day after the International Monetary Fund trimmed this year's world growth forecast.
The S&P/TSX index added 112.15 points to end Tuesday’s trading at 12,117.03, with Wednesday futures down 0.2%.
The Canadian dollar shed 0.37 cents to 97.55 cents U.S. early Wednesday.
The Bank of Canada is seen as all but certain to hold rates steady at its policy announcement on Wednesday, but is expected to cut overly optimistic growth forecasts and possibly alter language about the need to raise rates.
Barrick Gold Corp said on Tuesday it has tapped two high-profile mining executives to work on its suspended Pascua-Lama gold and silver mine project as it seeks to meet Chilean regulatory requirements to re-activate the project.
A U.S. House of Representatives panel advanced a bill on Tuesday that would give Congress the power, instead of the Obama administration, to approve the Keystone XL pipeline planned to link Canada's oil sands with Gulf Coast refineries, news that should affect TransCanada Corporation.
Jean Coutu Group Inc. said it has sold 72.5 million shares in Rite Aid Corp, bringing its stake in the company to 11.7%. It sold the shares at an average price of $2.20 per share for net proceeds of $158.5 million.
ON BAYSTREET
The TSX Venture Exchange slumped 1.34 points Tuesday to 956.92
ON WALLSTREET
Stocks were set to slump at Wednesday's open, as investors consider a fresh batch of corporate results and economic reports.
Futures for the Dow Industrials slumped 69 points, or 0.5%, to 14,616. Futures for the S&P 500 dipped 10.7 points, or 0.7%, to 1,558, and futures for the NASDAQ fell 21.50 points, or 0.8%, to 2,806.50
Bank of America posted higher first-quarter earnings of $2.6 billion U.S. and earnings per share (EPS) of 20 cents. The stock price fell more than 3% in trading before the market opened because the EPS fell short of expectations.
American Express and eBay are due to report results after the close.
After the bell, Yahoo reported weak first-quarter sales and a downbeat outlook, sending shares 2% lower in pre-market trading.
Intel shares fell slightly in pre-market trading as the company dubbed "Mr. Chips" posted earnings and sales in line with expectations.
The company reported another decline in chip sales for PCs, however, with revenue from that business falling 6% compared to a year earlier.
In economic news, the U.S. Federal Reserve will release the April edition of its Beige Book, a survey of regional economies, at 2 p.m. ET.
European markets were weaker in morning trading, dropping for a fourth straight session, while Asian markets ended mixed. The Nikkei added 1.2%, while the Shanghai Composite and Hang Seng were little changed.
Oil prices dropped $1.17 to $87.61 U.S. a barrel
Gold prices lopped off $3.60 to $1,383.80 U.S.
