Stock futures pointed to a higher opening for Canada's main stock index as commodity prices rose, easing pressure off energy stocks.
The S&P/TSX composite index moved forward 87.3 points to close Tuesday’s session at 13,710.31
The Canadian dollar dipped 0.05 cents to 76.51 cents U.S. early Wednesday
Air Canada has been forced by the courts to keep heavy maintenance operations in Montreal. The facility was operated by the former Aveos Fleet Performance, once an important Air Canada contractor. Tuesday's court decision said Air Canada was contravening the act by not maintaining an aircraft overhaul operations in Montreal.
Glencore Plc has agreed to sell future silver output from its stake in the Antamina copper mine in Peru to Silver Wheaton Minerals for $900 million in cash in a so-called "streaming" deal, the two companies said on Tuesday. In terms of the transaction, Silver Wheaton will also make ongoing payments of 20% of the spot price for silver for every ounce of metal delivered.
A further delay or outright rejection of the TransCanada Corp’s Keystone XL project risks a looming capacity crunch on Western Canada's pipeline network, causing more pain for producers already struggling with weak global crude prices.
An outright rejection would be a death knell for the pipeline intended to ship 830,000 barrels per day of oil sands crude to Nebraska and the U.S. Gulf Coast. Even if the requested seven- to 12-month pause is granted, and permits are received, the pipeline looks unlikely to start before 2019 at the earliest.
Billionaire investor Carl Icahn made a cryptic reference suggesting he has an interest in embattled drug maker Valeant Pharmaceuticals on Tuesday, and said he was speaking to U.S. politicians about a corporate cash repatriation law that would deter so-called tax inversion deals.
RBC raised the target price on Quebecor to $37 from $36, says the Canadian telecom stocks are a relative safe haven with stable and resilient growth, solid balance sheets, attractive dividend yields.
National Bank Financial cut the rating on Timmins Gold to sector perform from outperform following the company’s third-quarter results.
On the economic scene, Statistics Canada reported that our imports declined 1.3% in September while exports increased 0.7%.
Consequently, Canada's merchandise trade deficit with the world narrowed from $2.7 billion in August to $1.7 billion in September.
ON BAYSTREET
The TSX Venture Exchange moved up 1.69 points Tuesday to 541.28.
ON WALLSTREET
U.S. stock futures are edging higher, and global markets are firm.
Ahead of the opening bell, futures for the Dow Jones moved forward 49 points, or 0.3%, to 17,890, futures for the S&P 500 took on five points, or 0.2%, to 2,108, and futures for the NASDAQ added 15 points, or 0.3%, to 4,727.
Volkswagen shares are plunging again, this time after the company said it had understated CO2 emissions and fuel usage for about 800,000 vehicles. It said most, but not all, of the cars affected have diesel engines.
That news broke the day after VW disputed a claim by U.S. regulators that the diesel emissions scandal had spread to some Porsche Cayenne models.
Tesla shares shot up more than 11% in after hours trading. The electric car company reported revenue below expectations but said there is "growing demand" for energy-storing batteries and its vehicles. CEO Elon Musk said the company is poised for a banner year in 2016.
Allergan, 21st Century Fox, Sodastream, Wendy's and Time Warner, report before the bell.
After the close Facebook, King Digital, BlackRock, Qualcomm, Whole Foods and cyber security firms AVG Tech and FireEye will post their earnings.
Markets will be keeping a close eye on oil prices as U.S. crude inventory data will be published at 10.30 a.m. ET. Last week inventories increased more than analysts predicted.
European markets are up in early trading, while Asian markets ended with solid gains.
Oil prices gained 16 cents to $48.06 U.S. a barrel
Gold prices slipped 61 cents to $1,117.18 U.S. an ounce.
