Futures for Canada's main stock index were higher on Wednesday, mainly due to gains in energy shares helped by a steady rise in oil prices.
The S&P/TSX Composite Index grew 56.87 points to close Tuesday at 15,274.57
The Canadian dollar stepped up 0.22 cents at 76.20 U.S. early Wednesday
December futures were up 0.6% Wednesday.
Kraft Heinz Co has agreed to sell its Canadian natural cheese business to Parmalat SpA in a $1.62-billion deal that will help Kraft trim its debt and extend the North American footprint of Parmalat owner Lactalis.
Imperial Oil said on Tuesday that it would go ahead with the construction of its $2.6-billion Aspen project in northern Alberta, the first new oil sand development to be greenlighted since 2013.
RBC raised the target price on Intact Financial to $117 from $115
Canaccord Genuity cut the price target on Jamieson Wellness to $26 from $28
Canaccord Genuity cut the rating on Slate Office REIT to hold from buy
In the economic docket, Western University’s IVEY Purchasing Managers Index comes in for October at 10 a.m. ET.
ON BAYSTREET
The TSX Venture Exchange gained 8.01 points, or 1.2%, Monday to 659.36
ON WALLSTREET
U.S. stock futures rose on Wednesday as the U.S. midterm elections played out just as investors expected, with the Democrats winning back the House of Representatives and splitting Congress.
Futures for the Dow Jones Industrials shot higher 135 points, or 0.5%, to 25,776
S&P futures gained 17.75 points, or 0.6%, to 2,776.75, while the NASDAQ Composite jumped 66.75 points, or 1%, to 7,083.25.
Stocks were poised for a broad rally, as shares of Caterpillar, Goldman Sachs, Amazon and Alphabet rose in pre-market trading Wednesday.
Caterpillar is seen getting a boost from continued economic growth and the chance that Democrats can temper Trump's trade war dealings. There's also some optimism the president will work with Democrats on an infrastructure plan.
Tech shares rose, as a divided Congress could also keep Trump from seriously going after giants like Amazon for being too big and influential on the economy.
On the earnings front, Twenty-First Century Fox is set to report results before the bell on Wednesday, while Qualcomm posts its financials after the bell.
Meanwhile, the Federal Reserve is kicking off a two-day meeting on Wednesday. Worries around the pace of interest rate hikes last month saw global markets hit with sharp bouts of volatility. Markets have been pricing in a higher probability of the Fed raising rates again in December, with further tightening seen through 2019.
In data, Mortgage Bankers' Association mortgage applications numbers were released this morning, while consumer credit figures are due at 3 p.m. ET.
Along with gaining clarity on the midterm's outcome, investors were bullish because they believe the Washington gridlock scenario will be best for the market, allowing President Donald Trump's business-friendly policies to continue but keeping a check on some of his more disruptive market actions like the trade battle with China.
Overseas, in Japan, the Nikkei 225 slid 0.3% Wednesday, while in Hong Kong, the Hang Seng index inched forward 0.1%.
Oil prices 58 cents to $62.79 U.S. a barrel.
Gold prices gained $7.40 to $1,233.70 U.S. an ounce.
