Markets in Toronto looked set to open lower on Wednesday, pulled down by disappointing services sector data from China and a political crisis in Portugal.
The S&P/TSX Composite Index gained 49.27 points to conclude business Tuesday at 12,178.38
The Canadian dollar inched higher 0.02 to 94.86 cents U.S.
National Bank Financial resumed coverage of Bonterra Energy with an outperform rating, saying the company's capital budget is expected to provide for the drilling of about 30 net Cardium wells in West Central Alberta and deliver a stable average production base of 12,000 boe/day.
BMO cut the price target on Brigus Gold to $0.70 from $0.85, says while the company's resource update is positive to net present value, it is offset by the decline in the spot gold price.
China's services sector expanded modestly in June with the vast construction industry acting as a drag on output, in a further sign that the world's second-largest economy is losing momentum.
Two more Portuguese ministers from the junior ruling coalition party were ready to resign, local media said, deepening turmoil that could trigger a snap election and derail Lisbon's exit from a euro-zone/International Monetary Fund bailout.
On the economic docket, Statistics Canada said this morning our merchandise imports fell 3.2% and exports declined 1.6%. So, Canada's trade deficit with the world decreased from $951 million in April to $303 million in May.
ON BAYSTREET
The TSX Venture Exchange slid 4.41 points Tuesday to 876.99
ON WALLSTREET
Investors' appetite for risk evaporated around the globe Wednesday amid renewed political instability in Europe, violent clashes in Egypt and concerns about rising oil prices.
Futures for the Dow Industrials docked 70 points, or 0.5%, 14,791. Futures for the S&P 500 dipped 8.10, or 0.5%, to 1,599.10, and futures for the NASDAQ fell 18.25, or 0.6%, to 2,905.
American investors head into Wednesday awaiting a pair of reports that will serve as a prelude to the government's closely watched monthly jobs report Friday.
The U.S. Labor Department will release weekly data on first-time unemployment claims this morning, while payroll processor ADP will release its monthly report on private-sector jobs.
As for Friday's report, economists predict the U.S. economy added 155,000 jobs and the unemployment rate fell to 7.5% in June.
U.S. stocks gave up early gains to finish lower Tuesday as clashes in Egypt intensified. U.S. markets conclude trading at 1 p.m. ET Wednesday and will be closed Thursday in observance of Independence Day.
Major European stock markets fell by about 1.7% in midday trading as investors worried that political turmoil in Portugal could reignite the region's debt crisis and a credit rating downgrade hit European banks.
Credit rating agency Standard & Poor's downgraded three European banks -- Credit Suisse, Deutsche Bank and Barclays --- citing worries over the size of their investment banking portfolios and the impact of new regulations. Shares in all three banks were dropping by roughly 3%.
Meanwhile, Asian markets ended with losses. The Hang Seng index led the move down, dropping by 2.5% as investors fretted over slower economic growth prospects in China. The Shanghai Composite index slipped 0.6% and the Nikkei 225 in Japan eased 0.3%.
Oil prices shot higher by $1.98 to $101.58 U.S. a barrel
Gold prices improved $6.40 to $1,249.80 U.S.
