Canada's main stock index looked set to extend previous session's gains on Wednesday, mirroring global markets, after the World Bank's positive global growth outlook buoyed investor sentiment.
The S&P/TSX composite index picked up 10.90 points to close Tuesday’s session at 13,692.38, with futures trading up 0.06% Wednesday.
The Canadian dollar sank 0.06 to 91.29 cents U.S. early Wednesday
The World Bank on Tuesday raised its forecast for global growth for the first time in three years as advanced economies started to pick up pace, led by the United States.
Magna International Inc forecast 2014 sales below analysts' expectations due to lower revenue in its complete vehicle assembly business.
Allied Nevada Gold Corp questioned the credibility of a takeover offer that caused shares of the company to jump on Tuesday, saying that investors should review the hastily withdrawn release with caution.
On the economic front, the Canada Real Estate Association is expected to report on existing home sales for December. Experts are predicting a loss of 0.1%.
ON BAYSTREET
The TSX Venture Exchange faded 0.17 points Tuesday to 964.71
ON WALLSTREET
It's been a see-saw week so far for markets but stocks look set to rise Wednesday as investors grow more confident about earnings season.
Ahead of the opening bell, futures for the Dow Jones Industrials leaped 35 points, or 0.2%, to 16,334. Futures for the S&P 500 took on 3.10 points, or 0.2%, to 1,836, and futures for the NASDAQ leaped 12.5 points, or 0.4%, to 3,586.25.
Investors are waiting for Bank of America to report quarterly results before the opening bell, after JPMorgan and Wells Fargo posted solid earnings figures Tuesday.
Those results encouraged bullish market sentiment, leading stock markets to close with significant gains. Stocks had tumbled Monday, with the Dow Jones industrial average dropping by nearly 200 points.
General Motors shares rose 3% in after-hours trading Tuesday after the automaker announced that it will pay its first dividend since 2008.
Burberry shares were surging in London Wednesday morning -- up by roughly 5.5% -- after the luxury retailer reported a 14% jump in retail revenue in the third quarter, which includes the holiday season.
Investors and traders are also waiting on the U.S. Bureau of Labor Statistics to release its monthly report on producer prices, while the New York branch of the Federal Reserve will publish its monthly manufacturing index.
The main European stock market indexes were all rising in morning trading.
Germany's DAX index was leading the pack as it moved ahead by nearly 1%.
Asian markets mostly closed the day with gains, with the Nikkei 225 rallying by 2.5% after a big loss Tuesday
Oil prices gained 41 cents to $93.00 U.S. a barrel
Gold prices sagged $7.50 to $1,237.90 U.S. an ounce.
