Canada’s main stock index futures rose as oil prices recovered after a report showed U.S. crude stockpiles had fallen.
The S&P/TSX composite index finished negative 288.35 points, or 2.1%, Tuesday to 13,491.09
The Canadian dollar eked up 0.08 cents at 75.42 cents U.S. early Wednesday
The chairman of Goldcorp Inc. questioned whether the mining industry has learned any lessons from the commodities price downturn and painful belt-tightening of the past four years.
TransCanada Corp. said on Tuesday it remains focused on securing a permit to build the Keystone XL pipeline, responding to comments from Democratic U.S. presidential candidate Hillary Clinton that she opposed the project.
HSBC cut the target price on First Quantum Minerals Ltd. to $7.40 from $16.90 citing the company’s Zambian power issues, together with depressed nickel prices and a deteriorating balance sheet.
DHX Media Ltd reports Q4 earnings today, projecting five cents per share
On the economic slate, Statistics Canada pointed out retail sales rose for the third consecutive month in July, up 0.5% to $43.3 billion.
Sales increased in six of 11 sub-sectors, representing 55% of retail trade. Higher sales at motor vehicle and parts dealers and clothing and clothing accessories stores accounted for most of the gain.
ON BAYSTREET
The TSX Venture Exchange moved down 8.42 points Tuesday to 541.34
ON WALLSTREET
U.S. stock futures are edging higher, and European markets are recovering from heavy losses Tuesday.
Ahead of the opening bell, futures for the Dow Jones Industrials moved up 18 points, or 0.1%, to 16,247, futures for the S&P 500 added one point, or 0.1%, to 1,933, and futures for the NASDAQ took on 6.5 points, or 0.2%, to 4,273.75.
Several pharmaceutical companies are sliding in pre-market. Edwards Lifesciences Corp is 5% lower in pre-market, with Allergan shedding 2.7%, and Vertex Pharmaceuticals 1.8% down. The pharma and biotech sectors are under scrutiny after a backlash against high drug prices.
Visa is also 1.8% down in pre-market.
Aviat Networks, Steelcase, Worthington are among the handful of companies reporting after the closing bell.
Shares in Volkswagen tumbled over 8% in early trading in Frankfurt on Wednesday, but rebounded to trade about 3% higher by mid-morning. The company is gripped by a growing scandal over its manipulation of emission tests on diesel cars. Its shares have fallen 55% percent from their March peak, and CEO Martin Winterkorn is reported to be fighting to keep his job.
Volkswagen closed 17% down Tuesday, after suffering a similar crash Monday. The issue has weighed on shares of other carmakers and suppliers.
There was more evidence of China's economic slowdown Wednesday. A measure of activity in the country's huge manufacturing sector hit it lowest level in more than six years.
During a rare policy speech in the U.S. on Tuesday, Chinese President Xi Jinping sought to reassure investors, saying that China's economy is operating "within the proper range." Beijing has maintained its 7% annual growth target for this year.
European data were more supportive -- an early indication of activity in September suggests the euro-zone economy grew steadily in the third quarter.
European markets are up Wednesday morning. Germany's Dax has recovered slightly after suffering heavy losses on Monday and Tuesday due to the Volkswagen crash.
Asian markets ended the session mostly lower. China's Shanghai Composite closed 2.2% down on the disappointing manufacturing data, while Hong Kong's Hang Seng ended the session 2.3% down.
Oil prices hiked 37 cents to $46.73 U.S. a barrel
Gold prices surged $5.20 to $1,130 U.S. an ounce.
