Canada's main stock index looked set to extend previous session's losses on Wednesday as investors turn cautious ahead of the Bank of Canada's rate decision. However, losses could be capped after the International Monetary Fund's upgrade of world forecasts lifted sentiment.
The S&P/TSX composite index stumbled 38.52 points to finish Tuesday at 13,951.77
The Canadian dollar inches up 0.04 cents to 91.21 cents U.S. early Wednesday
BlackBerry said on Tuesday it intends to divest the majority of its real estate holdings in Canada, as it seeks to bolster its balance sheet and turn around its fortunes.
Saputo Inc. said it has secured majority control of Australia's Warrnambool Cheese and Butter Factory Co Holdings Ltd, putting pressure on rival bidder Murray Goulburn Co-operative Co to concede defeat.
Penn West Petroleum Ltd. said on Tuesday it expects lower output in 2014 as it sells or shuts in wells.
On the Canadian economic calendar, investors are keeping half an eye on the Bank of Canada this morning, though the speculation is that Governor Stephen Poloz will leave rates intact at 1%, or where they’ve been for the last three years.
ON BAYSTREET
The TSX Venture Exchange poked higher by 0.19 points to end Tuesday at 979.96.
ON WALLSTREET
Investors will be hoping for a rebound performance for the Dow Wednesday as corporate earnings remain in focus.
Ahead of the opening bell, futures for the Dow Jones Industrials fell 32 points, or 0.2%, to 16,323. Futures for the S&P 500 dipped 1.9 points, or 0.1%, to 1,836.50, and futures for the NASDAQ inched up 1.25 points to 3,610.75.
IBM shares fell in pre-market trading after the company issues a weak first-quarter outlook, despite beating earnings and sales estimates in the fourth quarter.
Shares of Advanced Micro Devices tumbled after the company's guidance for the current quarter fell short of expectations.
Blackberry shares surged after the smartphone maker said it was unloading the majority of its Canadian real estate.
eBay and Netflix are on deck to report results after the closing bell. Overall, earnings are expected to be up 5.9% in the fourth quarter for the companies in the S&P 500, according to FactSet Research.
Asian markets closed higher across the board, led by the Shanghai Composite, which advanced 2.2% as interbank lending rates fell for a second straight day.
European markets opened the day in positive territory but reversed course by late morning
Oil prices climbed 50 cents to $95.47 U.S. a barrel
Gold prices docked $1.80 to $1,240 U.S. an ounce.
