Futures pointed to a lower opening for Canada's main stock index on Wednesday as oil prices fell after a tropical storm hitting the U.S. Gulf coast weakened, and ahead of a fresh round of North Atlantic Free Trade Agreement (NAFTA) negotiations.
The S&P/TSX Composite Index tumbled 101.58 points to close Tuesday at 16,161.30
The Canadian dollar were unchanged at 75.88 cents U.S. early Wednesday
September futures sank 0.3% Tuesday
Canada's auto sales fell for the sixth straight month in August, as rising interest rates put a damper on demand for new cars.
Crescent Point Energy Corp named Craig Bryksa its new chief executive officer and said it would immediately reduce 17% of its workforce as the Canadian energy producer looks to turn around its business.
China's Zijin Mining Group Co will buy Canadian gold and copper miner Nevsun Resources Ltd for about $1.86 billion U.S., after Nevsun rejected multiple bids from rival Lundin Mining Corp.
RBC raised the target price on CRH Medical to $5.50 from $5.00
Barclays cut the target price on Laurentian Bank of Canada to $49.00 from $52.00
On the economic beat, Statistics Canada reports Canada's merchandise trade deficit with the world narrowed from $743 million in June to $114 million in July, the smallest deficit since the most recent surplus in December 2016.
Exports increased 0.8%, while imports declined 0.4%.
Later on this morning (about 10 a.m. ET), the Bank of Canada is set to make its rate announcement. The central bank is expected to keeps rates on hold for now.
ON BAYSTREET
The TSX Venture Exchange discarded 6.58 points Tuesday to 718.13
ON WALLSTREET
U.S. stock index futures tumbled ahead of Wednesday's open, as market participants became increasingly nervous over trade frictions between the U.S. and major partners.
Futures for the Dow Jones Industrials let go of 96 points, or 0.4%, to 25,889
S&P 500 futures fell 8.75 points, or 0.3%, to 2,889.50, while futures for the NASDAQ composite slid 26.5 points, or 0.4%, to 7,612.25
Duluth Holdings Inc. and Vera Bradley Inc. are among the firms out with earnings today.
In the latest surrounding NAFTA, Canadian Prime Minister Justin Trudeau indicated on Tuesday that the country wouldn't bow to certain requests at the talks with the U.S. this week. In spite of this, officials from both nations will meet today, to try and settle differences in order to secure a future deal on trade.
Overseas, in Japan, the Nikkei 225 reversed 0.5% while in Hong Kong, the Hang Seng index tumbled 2.6%.
Oil prices forfeited 96 cents to $68.91 U.S. a barrel.
Gold prices gained 90 cents to $1,200 U.S. an ounce.
