Canada's main stock index looked set to open lower on Wednesday as investors turned jittery ahead of the release of the Federal Reserve's policy statement later in the day.
The S&P/TSX Composite Index gained 78.56 points, to end Tuesday at 12,367.46, with Wednesday futures down 0.2%
The Canadian dollar gained 0.18 cents to 98.08 cents U.S. early Wednesday.
Fairfax Financial Holdings will raise its stake in Greek real estate firm Eurobank Properties to 42% from 19%, Eurobank’s parent company said.
CIBC cut the target price on Coastal Energy Co. to $20 from $24.50, adding although material growth is expected, a rebound isn't seen until the production rates have been achieved.
On the economic front, Statistics Canada reported this morning that wholesale trade came in for April at $49.0 billion, up 0.2% from the previous month, mainly as a result of higher sales in the computer and communications equipment and supplies industry.
ON BAYSTREET
The TSX Venture Exchange stepped back 4.05 points Tuesday to 929.99
ON WALLSTREET
U.S. Federal Reserve chairman Ben Bernanke takes centre stage Wednesday. At a highly anticipated afternoon press conference, he's expected to discuss when the central bank could begin tapering the pace of its bond purchases.
Futures for the Dow Industrials edged up 16 points, or 0.1%, to 15,260. Futures for the S&P 500 dipped 0.5 points to 1,644.70, and futures for the NASDAQ improved 3.75 points, or 0.1% to 2,992.75.
The Fed's bond-buying program has been a boon to equity markets, supporting U.S. and global stock indexes and driving them to recent record highs.
Any comments from Bernanke suggesting that the program's end is near would likely lead to significant declines.
In corporate news, shares of Tesla Motors dipped 2% after the automaker announced a recall of some of its Model S cars for a non-mechanical defect.
Shipping giant FedEx reported quarterly earnings blew past forecasts, though revenue was roughly in line with estimates. The company is often seen as a bellwether for the global economy, given the nature of its delivery business and its international footprint.
Adobe shares rose nearly 7% after the software company reported quarterly earnings that beat expectations.
Dish Networks dropped its pursuit of Sprint, clearing the way for Japan's Softbank to continue with its offer. Dish said it would instead focus on its tender offer for Clearwire
On the international stage, European markets were flat in early trading. London's benchmark FTSE 100 index slipped slightly, while the DAX in Frankfurt managed tepid gains and the CAC 40 in Paris was little changed.
Asian markets ended mixed. Japan's Nikkei 225 index rallied by 1.8%, helped by strong export data. But the Hang Seng in Hong Kong moved in the opposite direction, sinking by 1.1%. The Shanghai Composite index also dipped down by 0.7%.
Oil prices gained 10 cents to $98.54 U.S. a barrel
Gold prices took on five dollars to $1,371.90 U.S.
