Equity markets in Toronto looked set to open slightly higher on Wednesday with investors' attention focused on the U.S. Federal Reserve's policy meeting in which the central bank is expected to wean off its ultra easy monetary policy.
The S&P/TSX composite index gained 17.23 points to end Tuesday at 12,834.11, futures being up about 0.07%.
The Canadian dollar eased 0.09 cents to 97.02 cents U.S. early Wednesday
BlackBerry Ltd launched its new Z30 flagship smartphone on Wednesday, as it battles to win back market share despite uncertainty around its future.
Russian gold miner Nord Gold said it had signed a binding letter of intent to buy a 50.01% interest in certain licenses of a gold deposit in French Guiana from Columbus Gold.
Romania's parliament voted overwhelmingly on Tuesday to create a special commission to assess plans by mining whiz Gabriel Resources to set up Europe's biggest open-cast gold mine in the Carpathian Mountains.
ON BAYSTREET
The TSX Venture Exchange slid 4.12 points Tuesday to 935.42
ON WALLSTREET
All eyes are on the Federal Reserve Wednesday as the central bank is expected to take the first step in winding down the program of asset purchases it has deployed to support the economy and markets.
Ahead of the opening bell, futures for the Dow Jones Industrials gained seven points to 15,472. Futures for the S&P 500 took on 1.4 points to 1,699.70, and futures for the NASDAQ gained 8.5 points, or 0.3%, at 3,192.50
FedEx reported an increase in quarterly sales and net income, compared to a year-ago. Earnings topped forecasts. FedEx is often viewed as an economic bellwether given the nature of its business and its global footprint. Shares rose in pre-market trading.
Soccer club Manchester United reported a jump in quarterly revenue, compared to the prior year, and a surge in net profit, compared to the year-earlier loss.
Adobe Systems shares rose after the software maker reported strong subscription growth for its "Creative Cloud" service on Tuesday.
Oracle will announce results after the closing bell.
Investors and traders have been bracing for the Federal Reserve to cut back -- or taper -- its stimulus measures, which have seen the Fed buy bonds and other securities worth $85 billion U.S. per month.
Many experts are forecasting the Fed will make a small cut to its asset purchases this month as the economy has been improving and unemployment falling. Others expect the tapering to start later.
The central bank is scheduled to release a statement at 2 p.m. ET following the conclusion of its latest policy-making meeting. Fed chair Ben Bernanke will then hold a press conference at 2:30 p.m. to discuss the Fed's latest assessment of the economy and its plans for the future.
In other economic news, the U.S. Census Bureau will release its monthly reports on housing starts and building permits this morning.
European markets were moving higher in midday trading.
Asian markets ended with mixed numbers. Japan's Nikkei rallied by 1.4% but the main Chinese indexes were relatively unchanged
Oil prices grew 53 cents to $105.95 U.S. a barrel
Gold prices subtracted nine dollars to $1,300.40 U.S. an ounce.
