Futures on Canada’s main stock index edged lower on Wednesday, weighed down by weaker Brent crude prices due to rising U.S. crude inventories.
The S&P/TSX Composite Index advanced 9.57 points to end Tuesday’s session at 16,357.55
The Canadian dollar gained 0.5 cents to 81.05 cents U.S. Wednesday morning.
March futures were down 0.1% Wednesday.
Canadian National Railway on Tuesday reported a lower-than-expected adjusted profit for the fourth quarter due to the heavy expenses it incurred to grow its business, sending shares of Canada’s biggest freight railroad lower.
Bombardier on Tuesday attempted to draw its Brazilian rival Embraer SA into a hotly contested trade dispute, two days before a U.S. agency will rule on whether duties should be slapped on American sales of the Canadian plane-and-train-maker’s largest jet.
Officials opened a key round of negotiations to modernize the North American Free Trade Agreement on Tuesday amid optimistic signs, as U.S. President Donald Trump said the talks were going “pretty well” and Canada’s chief negotiator said he had high hopes for progress.
Barclays raised the price target on Alimentation Couche-Tard to $78.00 from $76.00
Morgan Stanley raised the rating on Encana Corp. to overweight from equal weight
Morgan Stanley cut the rating on Husky Energy to underweight from equal weight rating
ON BAYSTREET
The TSX Venture Exchange gained 1.34 points Tuesday to 899.92
ON WALLSTREET
U.S. stock index futures rose on Wednesday as the corporate earnings season rolled on.
Futures for the Dow Jones Industrials increased 82 points, or 0.3%, to 26,283, and indicated a record open for the 30-stock index.
S&P 500 futures gained six points, or 0.2%, to 2,845.50, while futures on the NASDAQ Composite gained 11 points, or 0.2%, at 6,976.75,
General Electric and Stanley Black & Decker are among the companies that reported earnings before the bell. GE shares rose 1.8% after the company reported, while Stanley Black & Decker remained flat.
Baker Hughes and United Technologies also posted quarterly results. Companies set to report after the bell include Whirlpool, Ford and Lam Research.
On the data front, the FHFA House Price Index at is due 9 a.m. ET; the IHS Markit flash U.S. composite purchasing managers' index (PMI) data at 9:45 a.m. ET; and existing home sales at 10 a.m. ET.
Overseas, Japan’s Nikkei 225 index fell back 0.8%, while in Hong Kong, the Hang Seng Index added 0.1%.
Oil prices gained 22 cents to $64.69 U.S. per barrel.
Gold prices improved $15.60 to $1,352.30 U.S. an ounce.
