Canadian shares were set to open higher on Wednesday as stock index futures rose and investors awaited the release of the minutes of the U.S. Federal Reserve's latest policy meeting.
The S&P/TSX composite index headed higher 102.12 points to end Tuesday at 14,372.45. Futures gained 0.2% Wednesday morning.
The Canadian dollar dipped 0.08 cents to 91.47 cents U.S. early Wednesday
The chief executive of Osisko Mining Corp said on Tuesday it will be tough for Goldcorp to raise its bid for Osisko by enough to trump a rival deal, and it is more likely that the gold producer will walk away from the transaction.
Bank of Nova Scotia Chief Executive Brian Porter says the company has shifted its growth focus away from Asia, and will instead drive expansion in four Latin American countries as the bank seeks to focus on "fewer things.”
CIBC raised the target price on Capstone Mining to $4.50 from $4.00
ON BAYSTREET
The TSX Venture Exchange eked higher by 1.82 points Tuesday to 998.79
ON WALLSTREET
U.S. stock index futures were flat on Wednesday, after the S&P 500 managed to halt a three-day losing skid, in the wake of earnings from Alcoa and ahead of the minutes from the last U.S. Federal Reserve meeting.
Ahead of the opening bell, futures for the Dow Jones Industrials hiked 34 points, or 0.2%, to 16,214. Futures for the S&P 500 gained 2.7 points, or 0.2%, to 1,847.70, and futures for the NASDAQ advanced 9.5 points, or 0.3%, to 3,538.
Alcoa gained 2.6% to $12.86 in pre-market trade after the former Dow component reported a decline in first-quarter adjusted profit on Tuesday as aluminum prices dropped, but earnings came in ahead of analysts' expectations.
S&P 500 companies' first-quarter earnings are projected to have increased just 1% from a year ago, Thomson Reuters data showed. The forecast is down sharply from the start of the year, when profit growth was estimated at 6.5%.
The U.S. Federal Reserve is expected to release the minutes from its March meeting.
Earnings season gets under way this week, with results due from companies including retailer Bed, Bath & Beyond after the close, while financials JPMorgan Chase and Wells Fargo close out the week with results on Friday.
European shares rebounded, led by automakers, although caution ahead of the European earnings season could keep gains in check.
Asian shares rose after Wall Street reversed a three-day losing streak, but Japanese stocks dropped sharply after the yen surged on fading hopes of near-term stimulus from the Bank of Japan
Oil prices gained 21 cents to $102.77 U.S. a barrel
Gold prices dipped $5.30 at $1,303.80 U.S. an ounce.
