Markets in Canada’s biggest market looked set to open higher on Wednesday after oil prices rebounded on hopes that the world's largest producers could act to cut output and boost prices.
The S&P/TSX composite index plummeted 232.11 points, or 1.8%, to conclude Tuesday at 12,442.26. Futures gained 0.5% Wednesday morning.
The Canadian dollar sailed higher 0.67 cents to 71.83 cents U.S. early Wednesday.
U.S. home improvement retailer Lowe's said it would buy Rona Inc in a deal valued at $3.2 billion to enter Quebec, where Rona is the market leader.
National Bank Financial cut the target price on CI Financial Corp to $31.00 from $34.00
BMO raised the rating on Innergex Renewable Energy Inc. to outperform from market perform.
Cowen and Company cut the rating on Westjet Airlines to underperform from outperform.
Russian Foreign Minister Sergei Lavrov said if there is consensus among the Organization of the Petroleum Exporting Countries and non-OPEC members to meet – quote -- "then we will meet".
ON BAYSTREET
The TSX Venture Exchange slid 6.04 points Tuesday to 494.40
ON WALLSTREET
U.S. stock futures are looking steady and European stock markets have trimmed early losses.
Ahead of the opening bell, futures for the Dow Jones Industrials moved up 12 points, or 0.1%, to 16,103, futures for the S&P 500 inched up 1.75 points, or 0.1%, to 1,899.25. NASDAQ futures faded 4.75 points, or 0.1%, to 4,187.25.
Shares in Chipotle are plunging in extended U.S. trading after the company revealed its profits tanked in the wake of an E. coli scare.
It's another big day for corporate results. Investors will hear from General Motors, Comcast, Marathon Petroleum and Merck before the markets open. Food giant Mondelez International, which makes Oreo cookies and Ritz crackers, is also reporting before the opening bell.
GoPro, Metlife and Yum Brands -- which owns Taco Bell, Pizza Hut and KFC -- will report this afternoon.
The Institute for Supply Management is releasing its latest index that measures activity in the services industry at 10 a.m. ET. The January ISM index follows directly after the release of disappointing manufacturing and services data from the euro-zone, which was released by Markit earlier in the morning.
At 10:30 am, the U.S. government will post its weekly update on crude inventory levels.
Overseas, the recovery came too late in the day for Asia, however. Most key Asian markets closed with significant losses Wednesday.
China's state-owned chemical company ChemChina has offered a whopping $43 billion U.S. for Syngenta, a supplier of pesticides and seeds.
The board of the Swiss company backed the offer, and shares in Syngenta are shooting up by about 6%. If completed, it will be the biggest foreign takeover by a Chinese company ever.
It follows the announcement late last year that Syngenta competitors Dow Chemical and DuPont would merge in a complex deal worth $130 billion U.S.
Oil prices gained 32 cents to $30.20 U.S. a barrel
Gold prices $2.42 to $1,131.43 U.S. an ounce.
