Equity markets in Toronto stumbled a mite at Wednesday’s open 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 fell 19 points to 12,815.11
The Canadian dollar eased 0.14 cents to 96.97 cents U.S.
BlackBerry Ltd launched its new Z30 flagship smartphone on Wednesday, as it battles to win back market share despite uncertainty around its future. BlackBerry shares gathered 21 cents to $11.09
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, whose shares took on seven cents to 37 cents.
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. Shares in Gabriel dropped a penny to 82 cents.
ON BAYSTREET
The TSX Venture Exchange regained 1.84 points to 937.26
Eight of the 14 Toronto subgroups were negative to start the day, weighed by gold stocks, down 1.1%, while health-care and material stocks faded 0.7% each.
The six gainers were led by information technology, eking up 0.2%, while telecoms and consumer discretionaries each gained 0.1%.
ON WALLSTREET
The U.S. Federal Reserve will finally tell investors whether the central bank will cut back on its bond buying program in a statement at 2 p.m. ET Wednesday, and investors are accordingly cautious ahead of that hour.
The Dow Jones Industrials slid 13.58 points to 15,516.20 at the open.
The S&P 500 index gained 0.98 points to 1,705.74. The NASDAQ advanced 4.37 points to 3,750.07
In corporate news, FedEx reported an increase in quarterly sales and net income, compared to a year ago. Earnings topped forecasts and shares rose on the news. FedEx is often viewed as an economic bellwether given the nature of its business and its global footprint.
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. The stock was up modestly.
Adobe Systems shares rose after the software maker reported strong subscription growth for its "Creative Cloud" service on Tuesday.
Investors have been bracing for the Fed to cut back -- or taper -- its stimulus measures for some time. The Fed has been buying $85 billion U.S. in bonds and other securities a month.
Many experts are forecasting the Fed will make a small cut to these purchases since the overall economy has improved and the unemployment rate has fallen.
Prices for the 10-year U.S. Treasury faded slightly, raising yields to 2.86% from Tuesday’s 2.85%. Treasury prices and yields move in opposite directions.
Oil prices gained 48 cents to $105.90 U.S. a barrel.
Gold prices fell $12.70 at $1,296.70 U.S. an ounce.
