Stock futures pointed to a lower opening for Canada's main stock index after China devalued the yuan for the second day in a row.
The S&P/TSX composite index fell 51.72 points to close Tuesday at 14,414.67.
The Canadian dollar leaped 0.88 cents to 77.12 cents U.S. early Wednesday
Air Canada reported a nearly 33% rise in quarterly profit, helped by a decline in fuel costs. The company's net income rose to $296 million, or a dollar per share, in the second quarter ended June 30, from $223 million, or 75 cents per share, a year earlier. The carrier's operating revenue rose 3.3% to $3.41 billion.
Grocery whiz Metro said its quarterly profit rose 13% as new fresh foods products boosted the company's same-store sales. The company's same-store sales rose 4.3% in the third quarter ended July 4. Net income rose to $163.5 million, or 64 cents per share, from $144.5 million, or 54 cents per share, a year earlier. Revenue increased 6% to $3.84 billion.
Silver Wheaton reported a 15% fall in profit, hurt by higher cost of sales and lower commodity prices. Silver Wheaton's net profit fell to $53.7 million, or 13 cents per share, in the quarter ended June 30, from $63.5 million, or 18 cents per share, a year earlier. Revenue rose 10.7% to $164.4 million.
Enbridge said it shut its Line 55 Spearhead pipeline and adjacent Line 59 Flanagan South pipeline, following a crude oil release along Line 55 in Shelby County, Missouri, near Shelbina on Tuesday. About 16 to 20 gallons of crude oil spilled, based on initial estimates, into a nearby waterway that had minimal flow and the environmental impact is being determined, the company said, adding that no injuries have been reported due to the incident.
Toronto-Dominion Bank plans to hire more U.S. investment bankers and target multinational clients as it pushes to double its U.S. capital markets business over the next three to four years, one of its top executives said. TD Securities is looking to invest in the energy, technology, media, telecoms and utilities sectors. The U.S. capital markets operation has more than 600 staff members.
ON BAYSTREET
The TSX Venture backtracked 5.4 points Tuesday to 577.53.
ON WALLSTREET
All major global stock markets are sinking right now and U.S. stocks are set to open with significant losses.
U.S. stock futures are all declining by about 1% and nearly every major stock market index in Europe and Asia is lower by roughly 1% to 3%.
Ahead of the opening bell, futures for the Dow Jones Industrials plunged 119 points, or 0.7%, to 17,236, futures for the S&P lost 14 points, or 0.7%, to 2,065.75, and futures for the NASDAQ swooned 32.5 points, or 0.7%, to 4,478.25
Investors seem to be reacting to the yuan's slide against the U.S. dollar, which is creating uncertainty about global trade dynamics.
Macy's and Alibaba are among the companies reporting quarterly earnings before the opening bell.
Cisco and Rupert Murdoch's News Corp will report after the close.
Shares in Fossil were dropping by just over 7% in extended trading as investors react to the latest quarterly figures released on Tuesday afternoon.
Apple shares are also dipping by about 2%.
The U.S. is reporting crude inventories later this morning, which should give us an index about how low prices can go.
Oil prices added 28 cents to $43.36 U.S. a barrel
Gold prices increased $9.70 to $1,117.40 U.S. an ounce.
