Stock futures pointed to a lower start for markets in Toronto on Wednesday as oil prices slipped back to 11-year lows after indications of slowing global energy demand bumped up against record-high inventories.
The S&P/TSX composite index retreated 64.05 points to close Tuesday at 13,245.75. March futures were down 0.4%.
The Canadian dollar faded 0.17 cents to 72.07 cents U.S. early Wednesday
Markets north of the border fell on Tuesday, hurt by weakness in resource stocks and a slump in shares of Valeant Pharmaceuticals International as the market reopened following an extended Christmas break.
ON BAYSTREET
The TSX Venture Exchange gained 1.37 points Wednesday to 518.20
ON WALLSTREET
U.S. stock futures are trending lower after markets ended Tuesday up over 1%.
Ahead of the opening bell, futures for the Dow Jones Industrials stumbled 52 points, or 0.3%, to 17,586, futures for the S&P 500 dipped 5.5 points, or 0.3%, to 2,067.25. NASDAQ futures sank 8.75 points, or 0.2%, to 4,681.75
After a 12.5% climb during trading hours on Tuesday, Chesapeake Energy shares rose more than 3% in pre-market trading as a long awaited cold snap in the Northeast helped the natural gas market. The stock is still down 77% for the year.
Pending U.S. home sales for November are due to be released at 10:00 a.m. ET.
The U.S. federal government will post its weekly update to U.S. crude oil inventories data at 10:30 a.m.
European markets are all down about 0.5% in early trading, while Asian markets ended mixed.
Online grocery delivery darling Ocado has fallen another 7% in London trading. It’s been suffering since Amazon said it will expand its grocery delivery service Pantry in the U.K.
Swiss bank Julius Baer announced a preliminary settlement with the U.S. Attorney over tax evasion allegations and will set aside a total of $547 million to cover the cost. Its shares rose 2%.
Commodities trader Noble Group saw its shares fall 9% in Asia trading after a Moody's downgrade.
Oil prices gained 28 cents to $37.09 U.S. a barrel
Gold prices picked up $2.53 to $1,071.61 U.S. an ounce.
