Stock futures indicated lower opening for Canadian shares on Wednesday as signs of a slowing Chinese economy and worries about Ukraine offset some positive European economic data.
The S&P/TSX composite index took on 62.29 points to end Tuesday at 14,555.97, with futures stepping back 0.02% Wednesday.
The Canadian dollar backtracked 0.04 cents to 90.65 cents U.S. early Wednesday.
Valeant Pharmaceuticals said the company and activist investor Bill Ackman made an unsolicited $47-billion bid to buy Botox maker Allergan as it seeks to become one of the world's five biggest drug companies.
Canadian Imperial Bank of Commerce and two private equity consortia are exploring offers for global asset manager Russell Investments, according to several people familiar with the matter.
Contract electronics manufacturer Celestica Inc's quarterly profit more than tripled.
In the economic docket, Statistics Canada reported that retail sales moved higher 0.5% to $41.0 billion in February. Gains were reported in seven of 11 sub-sectors, representing 56% of total retail sales.
ON BAYSTREET
The TSX Venture Exchange hiked 7.67 points Tuesday to 1,004.88
ON WALLSTREET
Investor sentiment was weak on Wednesday as Wall Street sifted through and awaited another batch of earnings reports, including by Apple and Facebook.
Ahead of the opening bell, futures for the Dow Jones Industrials faded six points to 16,453. Futures for the S&P 500 were down 3.6 points, or 0.2%, at 1,870.30, and futures for the NASDAQ docked 9.5 points, or 0.3%, to 3,575.50.
Dow Chemical reported a double-digit increase in net earnings and earnings per share compared to the year-ago quarter.
Procter & Gamble, a producer of household consumer goods, also reported a gain in diluted net earnings per share.
Aircraft maker Boeing is also due before the opening bell.
Apple, Facebook and Zynga are reporting after the close, along with consumer-focused companies Crocs and Cheesecake Factory.
U.K.-based chip designer ARM Holdings reported record revenue and profit in the first quarter, but results were slightly weaker than analysts were expecting. Its shares fell in London and in premarket trading in New York.
Shares of Yum! Brands were rising before the bell after the company's earnings beat expectations.
Gilead Sciences shares rose in pre-market trading after it blew past earnings estimates, while Amgen failed to live up to analysts' expectations. The biotech sector has taken a beating in recent weeks after experiencing a run up early in the year.
In economic news, the Census Bureau will release new home sales numbers from March at 10 a.m. ET.
European markets were mostly slightly weaker in morning trading but the losses were modest.
Asian markets closed with mixed results after the latest survey of manufacturing activity showed China's factories continued to struggle in April.
Both of the main stock markets in China were lower, while the benchmark Nikkei 225 in Tokyo jumped by 1.1%.
Oil prices fell 16 cents to $101.59 U.S. a barrel
Gold prices spiked $6.80 to $1,287.90 U.S. an ounce.
