Canadian stocks looked set to open higher on Wednesday, tracking gains in markets around the world as increased optimism about the global economy's health boosted investor appetite.
The S&P/TSX composite index gained 51.76 points to close Monday at 15,146.01, with futures up 0.4%
The Canadian dollar dipped 0.12 cents to 93.94 cents U.S. early Wednesday
Markets were shuttered Tuesday for Canada Day
Timmins Gold Corp said it would nominate eight board members instead of seven as part of a settlement with its largest shareholder, Sentry Investments Inc.
Allergan Inc may take on debt to buy back its own shares as part of a multi-faceted plan to thwart a $53-billion takeover bid by Valeant Pharmaceuticals International and activist investor William Ackman. Meanwhile, Ackman has hired Credit Suisse in his fight to have Valeant acquire Allergan.
Mergers and acquisitions in Canada's energy sector have rebounded from a dull 2013 and look poised for a further pickup, driven by the country's rapidly developing shale oil and gas properties rather than its better known oil sands.
CIBC raised the rating on Canadian Pacific Railway to outperform from sector perform
ON BAYSTREET
The TSX Venture Exchange recovered 5.46 points Monday to 1,028.43
ON WALLSTREET
U.S. stock futures were slightly higher Wednesday, leaving investors guessing whether the Dow Jones Industrial Average and S&P 500 could move on to new all-time highs.
Ahead of the opening bell, futures for the Dow Jones Industrials advanced 18 points, or 0.1%, to 16,894. Futures for the S&P 500 gained 1.5 points to 1,967.30, and futures for the NASDAQ picked up 5.75 points, or 0.2%, to 3,890.50.
U.S. stocks were on fire Tuesday. Both the Dow and S&P 500 broke records – the blue chips reaching 16,956.07, and the S&P hitting 1,973.32 -- while the NASDAQ closed 1.1% higher. This was the Dow's 12th record close this year.
Investors will be watching JPMorgan shares after CEO Jamie Dimon announced he was diagnosed with a curable throat cancer. He will continue working as he undergoes treatment.
Shares in the pharmaceutical firm AbbVie were volatile in pre-market trading. The company has been looking to take over rival Shire in the U.K. but has faced continued resistance from Shire's management.
There's a handful of economic data releases due Wednesday morning. The most influential could be the ADP employment report for June, providing a preview to Thursday's jobs figures.
Then at 10 a.m. ET, the U.S. government will report the monthly change in factory orders for May.
The head of the Federal Reserve, Janet Yellen, will be speaking at the International Monetary Fund at 11 a.m. Investors will be watching for clues as to how long the Fed will wait to raise interest rates once its bond-buying program ends later this year.
European markets were mostly higher in early trading.
All the major Asian markets ended with gains, taking their cue from Wall Street's record-setting run Tuesday
Oil prices retreated 54 cents to $104.81 U.S. a barrel
Gold prices took on $2.80 at $1,329.40 U.S. an ounce.
