Stock futures pointed to a higher opening for Canada's main stock index as investors digested data on gross domestic product to gauge the health of the economy.
The S&P/TSX composite index moved forward 32.38 points, to close Tuesday at 13,036.96
The Canadian dollar eked up 0.02 cents at 74.52 cents U.S. early Wednesday
Barclays adjusted price target on Empire Company Ltd to $29.00 to reflect the company’s previously announced three-for-one stock split.
AGF Management is due out with Q3 earnings today, projecting 16 Canadian cents per share
On the economic calendar, the economy grew in July. Statistics Canada says Gross Domestic Product picked up 0.3% during the month, after rising in June 0.4%, thus ending a five-month losing streak.
The nation’s number-crunchers attribute the increase in July to mining, quarrying, and oil and gas extraction, manufacturing, and the finance and insurance sector.
ON BAYSTREET
The TSX Venture Exchange slid 2.99 points Tuesday to 523.63
ON WALLSTREET
U.S. stock futures are trading higher, and indexes from Asia to Europe are notching up gains.
Ahead of the opening bell, futures for the Dow Jones Industrials vaulted 181 points, or 1.1%, to 16,130, futures for the S&P 500 sprang up 22.25 points, or 1.2%, to 1,896.75, and futures for the NASDAQ leaped 50.75 points, or 1.3%, to 4,125.50.
Ralph Lauren shares rose nearly 4% in extended trading on news that a Gap and Old Navy executive will replace Lauren as CEO. On the flip side, Gap's stock price is declining by about 4% pre-market.
In the U.S., ADP will post its September employment figures. Then, at 9:45 a.m., Wall Street will watch for the Chicago PMI, which may give some clues about what the ISM Index will say tomorrow.
Crude inventories data will be released at 10:30 a.m.
European markets are striding higher in early trading, with most regional indexes managing gains of 2%. Asian markets ended in positive territory -- Japan's Nikkei led the way, recovering from a sharp fall on Tuesday.
Glencore continues to bounce back after the commodities group insisted the business remains "financially robust" and denied that it has solvency problems. The shares are up by about 10% Wednesday but still down by roughly 70% since the start of the year.
Volkswagen shares gained about 3% in early European trade. The stock has lost a third of its value since news broke about the automaker cheating on diesel emissions tests.
New data shows the euro-zone is experiencing deflation again, with prices dipping by 0.1% in September. This figure will disappoint the European Central Bank, which introduced a stimulus program earlier this year to boost inflation and economic activity.
Meanwhile, European unemployment data for August shows the region continues to struggle with 11% unemployment, a number that has stayed stable compared to the previous month.
Oil prices dipped 18 cents to $45.05 U.S. a barrel
Gold prices fell $6.68 to $1,120.75 U.S. an ounce.
