Markets in Canada's largest centre looked forward to a higher open on Wednesday, despite worries over opaque policy moves in China, as positive economic data from Germany and the U.K. boosted investor sentiment.
The S&P/TSX composite index was off 38.10 points to close Tuesday at 14,188.98
The Canadian dollar faded 0.07 cents U.S. early Wednesday to 90.13 cents U.S.
Royal Bank of Canada's quarterly profit topped analysts' estimates, rising 2% on the back of higher capital markets income, and the bank raised its dividend by 6%.
Sears Canada posted a fall in quarterly same-store sales due to severe winter weather and power outages.
Encana Corp. and Chesapeake Energy are negotiating civil settlements with the state of Michigan to try to end its criminal investigation into whether the energy companies colluded to keep oil and gas lease prices artificially low in the state.
Economically speaking, German consumer morale rose to its highest level in seven years heading into March as shoppers in Europe's biggest economy became more upbeat about their future income.
ON BAYSTREET
The TSX Venture Exchange stepped back 8.21 points Tuesday to 1,010.74.
ON WALLSTREET
Investors and traders are readying themselves for a big day of earnings, with quarterly reports expected from many large U.S. retailers.
Ahead of the opening bell, futures for the Dow Jones Industrials climbed 19 points, or 0.1%, to 16,206. Futures for the S&P 500 inched up 2.2 points, or 0.1%, to 1,848.50, and futures for the NASDAQ took on five points, or 0.1%, at 3,693.50.
Barnes & Noble, Target, Abercrombie & Fitch and TJX are all set to release earnings before the market opens.
Then, after the close, Baidu and J.C. Penney will report results.
U.S. stock futures were ticking higher ahead of the opening bell.
Among the companies set for gains when the market opens is Anheuser-Busch InBev
The global brewer, which makes popular beers including Budweiser and Stella Artois, reported better-than-expected fourth quarter results and outlined plans to boost sales during the upcoming FIFA World Cup in Brazil.
Meanwhile, Credit Suisse shares could slip after a U.S. Senate report released Tuesday outlined how the Swiss bank helped clients hide billions from the IRS. The bank's executives will appear before the Senate Wednesday.
Shares in First Solar are set for a big fall after reporting earnings that missed expectations. The stock was down by roughly 15% pre-market.
Gun company Sturm Ruger reported gains in sales and profit after the close Tuesday.
In economic news, data on January sales of new homes will be announced at 10 a.m. ET Wednesday.
European markets were broadly lower in morning trading. The FTSE 100 in London was declining by roughly 0.4%.
Asian markets ended with mixed results -- the main indexes in Australia and Japan moved slightly lower while other markets posted gains.
Oil prices gained 65 cents to $102.48 U.S. a barrel
Gold prices faded $8.50 to $1,334.20 U.S. an ounce.
