Canadian stock index futures pointed to a lower open on Wednesday, ahead of the Bank of Canada's interest rate decision, as concerns about the prospect of tighter Chinese monetary policy weighed on investor sentiment.
The S&P/TSX composite index strengthened 61.53 points to end Tuesday at 13,248.06
The Canadian dollar plummeted 0.29 cents to 96.90 cents U.S. early Wednesday
Canadian Pacific Railway, Canada's number-two rail operator, reported a 45% jump in third-quarter profit as freight revenue rose and operating costs fell.
Encana Corp reported its second straight quarterly profit as its oil and natural gas liquids volumes nearly doubled.
Canadian National Railway, the focus of fresh scrutiny after one of its trains derailed and caught fire last weekend, reported a market-beating third-quarter profit and record revenue on Tuesday, as it announced a two-for-one stock split and share buyback plan.
Celestica said its third-quarter net profit rose 31%, helped by higher demand from telecom companies for its networking equipment. Net income rose to $57.4 million, or 31 cents per share, in the third quarter ended Sept. 30, from $43.7 million, or 21 cents per share, a year earlier. Analysts on average had expected earnings of 21 cents per share.
Empire Co., the operator of Canadian grocery chain Sobeys, said on Tuesday that Canada's competition watchdog approved its acquisition of substantially all of Safeway Inc's assets in Canada.
Goldcorp has secured the environmental permit it needs to progress with its copper and gold El Morro project in the north of Chile
On the economic beat, the Bank of Canada is set to come out with its rate announcement this morning around 10 a.m. ET., with all signs pointing to the central bank keeping rates at 1%.
ON BAYSTREET
The TSX Venture Exchange vaulted 11.87 points to 971.77
ON WALLSTREET
Stocks appeared set to snap their winning streak Wednesday as investors digest recent gains and more corporate earnings reports.
Ahead of the opening bell, futures for the Dow Jones Industrials dipped 74 points, or 0.5%, to 15,324. Futures for the S&P 500 fell 8.1 points, or 0.5%, to 1,741.30, and futures for the NASDAQ dropped 21.25 points, or 0.6%, to 3,335.25.
All eyes on earnings: Northrop Grumman reported earnings and sales above expectations and raised its out look for the year.
Boeing reported a surge in quarterly profit and revenue as the aircraft manufacturer works its way through a backlog of orders. The stock rose in pre-market trading.
But Caterpillar reported a slump in sales and earnings, noting that a slowdown in the mining sector has taken a bite out of heavy equipment manufacturing. The stock dropped.
AT&T is scheduled to report after the close.
So far, 80 of the 130 S&P 500 companies have beat expectations, according to S&P Capital IQ. But analysts still expect weakness in earnings for the year.
Shares of Corning rallied after the company announced a $2-billion U.S. stock buyback, as well as a partnership with Samsung Display, which manufactures LCD glass in Korea.
Netflix shares extended their decline, which started after hedge fund manager Carl Icahn revealed that he had reduced his stake in the company.
European markets were lower in afternoon trading, while Asian markets ended firmly in the red.
Japan's Nikkei 225 index slumped 2% as a stronger yen hurt exporters, and stocks in Hong Kong and China closed with heavy losses.
Oil prices fell $1.37 to $96.93 U.S. a barrel
Gold prices sank $11.20 to $1,331.40 U.S. an ounce.
