The Toronto stock market headed for a higher open as commodity prices rose amid stronger than expected trade figures from China.
The S&P/TSX composite index grew 86.81 points to end Tuesday at 13,880.99
The Canadian dollar advanced 0.15 cents U.S. early Wednesday to 90.99 cents U.S.
Traders also took in a slew of earnings from companies including Air Canada and Rogers Communications.
They also digested a major deal involving Maple Leaf Foods. Mexico's Grupo Bimbo is buying all the shares of Canada Bread Co. Ltd. in a deal worth $1.83 billion or $72 a share. Maple Leaf currently holds 90% of Canada Bread's outstanding shares.
ON BAYSTREET
The TSX Venture Exchange added 12.83 points Tuesday to 980.24
ON WALLSTREET
Fading concern about emerging markets and progress towards a debt ceiling deal in Washington could make for a fifth day of stock market gains Wednesday.
The Dow, S&P 500 and Nasdaq rallied Tuesday after Fed chairwoman Janet Yellen stressed that monetary policy is unlikely to change much. It was the Dow's fourth consecutive gain and its largest one-day point and percentage gain since Dec. 18.
In testimony before the House, Yellen said the Fed will continue reducing its stimulus as the economy gradually improves, and said recent emerging market turmoil posed no real risk to the outlook.
In other economic news, the U.S. Treasury will release its monthly budget statement Wednesday at 2 p.m. ET.
And on the corporate front, Cisco and Zillow will report quarterly earnings after the bell.
Shares for ING Groep jumped in pre-market trading after the Dutch bank reported significant quarterly increases in earnings year-to-year. French bank Societe Generale also reported a quarterly jump in profit.
In after-hours trading, shares of DaVita HealthCare Partners and retailer Fossil rose after reporting quarterly earnings that beat expectations.
Amazon shares dipped before the open after the online retailer announced that it would hire 2,500 full-time workers at its fulfillment centers, in addition to the 20,000 that it hired last year.
European markets were moving higher in morning trading, following gains on Asian markets.
The Shanghai Composite added 0.3%, while Hong Kong's Hang Seng advanced 1.5% and the Nikkei 225 rose 0.6%.
China reported a 10% surge in exports for January, which provided a boost to markets despite warnings from economists that the data may have been distorted by over-invoicing and the Lunar New Year holiday.
Oil prices gained $1.15 cents to $101.10 U.S. a barrel
Gold prices took on 30 cents to $1,290.10 U.S. an ounce.
