Another indication of a slowing Chinese economy was expected to weigh on the Toronto stock market Wednesday.
The S&P/TSX Composite Index vaulted 88.22 points to end Tuesday’s trading at 12,297.09
The Canadian dollar inched up 0.09 cents to 95.08 cents U.S. Wednesday
The most recent concerns about the health of the world’s second-biggest economy grew after the release of disappointing trade data.
China’s exports fell by 3.1% in June compared with a year earlier and imports contracted by 0.7%, customs data showed Wednesday. Both were below forecasts of growth in the low single digits.
The report was issued a day after the International Monetary Fund scaled back its China 2013 growth forecast to 7.8% from 8.1%.
ON BAYSTREET
The TSX Venture Exchange edged higher 3.77 points Tuesday to 874.94
ON WALLSTREET
Investors may pause Wednesday to consider more company earnings and the Federal Reserve's plans.
Futures for the Dow Industrials gained but eight points to 15,230. Futures for the S&P 500 slid 0.4 points to 1,645.20, and futures for the NASDAQ doffed three points to 2,971.25
U.S. stocks have been moving higher over the past few trading sessions due to underlying optimism about earnings reports for the quarter ended in June, which began coming in this week. The major stock indexes are in sight of all-time highs set in late May.
More company results are due Wednesday, with restaurant operator Yum! Brands set to report after the close.
Family Dollar reported a slight decline in quarterly profit though sales jumped nearly 10%.
Overall, quarterly earnings for companies in the S&P 500 are expected to grow 0.8% versus last year, according to FactSet.
Investors will get another look at the debate over the Federal Reserve's bond-buying program when the central bank releases the minutes of its most recent policy meeting at 2 p.m. ET.
Also on tap Wednesday is U.S. Federal Reserve Chairman Ben Bernanke's speech before the National Bureau of Economic Research in Cambridge, Mass., scheduled after the markets close.
The Census Bureau will release data on wholesale inventories at 10 a.m. ET.
In world markets, trading in Europe was subdued at mid-session Wednesday. But shares in London-listed Burberry bucked the trend, rising by 5% based on quarterly results that beat expectations.
Asian markets ended mixed. Markets in China rallied after weaker-than-expected trade data fueled hopes that Beijing might relax monetary policy to support the economy. The Shanghai Composite index surged by 2.2%. The Hang Seng index gained 1.1%, though Japan's benchmark Nikkei 225 index moved 0.4% lower
Oil prices gained $1.64 to $105.22 U.S. a barrel
Gold prices gained $9.70 to $1,255.60 U.S.
