Stock futures pointed to a lower opening for Canada's main stock index on Wednesday ahead of Bank of Canada's rate decision meeting. The central bank is expected to keep interest rates unchanged.
The S&P/TSX composite index slid 5.25 points to finish Tuesday at 14,620.07, with Wednesday futures down 0.1%.
The Canadian dollar picked up 0.28 cents to 87.94 cents U.S. early Wednesday.
Royal Bank of Canada reported a strong fourth-quarter profit on Wednesday, helped by double-digit earnings gains at its wealth management arm.
Chrysler Canada gained on Ford Motor's Canadian unit for the second month in a row in November, pulling within 920 vehicles of the sales leader.
Canaccord Genuity cut the target price on Bank of Montreal to $87 from $89, with a buy rating
Canaccord Genuity also cut the rating on Golden Queen Mining to sell from hold
On the economic front, RBC’s manufacturing purchasing managers index was to be released this morning.
The Bank of Canada was also due out with a rate announcement this morning, with sources suggesting the central bank would hold overnight lending rates tight at 1%, where they’ve been for years.
ON BAYSTREET
The TSX Venture Exchange lost 4.75 points to end Tuesday at 720.27
ON WALLSTREET
Markets were poised for a quiet start to Wednesday's session, pausing for breath after another record-breaking run.
Ahead of the opening bell, futures for the Dow Jones Industrials gained one point to 17,863. Futures for the S&P 500 shaved off 0.5 points to 2,065.50, and futures for the NASDAQ nicked up 1.75 points to 4,307.25.
Retailer Abercrombie & Fitch and Brown-Forman, the maker of Jack Daniel's Tennessee Whiskey, will report earnings before the opening bell.
Retailers Aeropostale, New York & Co, Pacific Sunware and Tilly's will report after the close.
Oil prices were clawing back more ground -- rising about 1% to $67.40 U.S. a barrel in electronic trade -- after taking a beating following OPEC's decision not to cut production last week. That was seen as an attempt to choke off the U.S. shale boom.
It's a light day for economic news. The ADP's monthly employment report is due out this morning, followed by the Fed's Beige Book at 2 p.m. ET. The monthly report gives anecdotal information about the economy from the 12 regional banks.
International markets were giving out mixed signals. European stocks notched modest gains in early trading, with Germany's DAX moving higher while the U.K. FTSE 100 index dipped.
The U.K. government is set to announce new economic forecasts, and tax and spending plans.
Asian markets also diverged. Hong Kong's Hang Seng shed 1% while the Shanghai Composite extended recent gains to close at a fresh three-year high.
Oil prices added 35 cents to $67.23 U.S. a barrel
Gold prices gained $3.10 to $1,202.50 U.S. an ounce.
