Futures for Canada's main stock index edged up on Wednesday, ahead of the central bank's interest rate decision and inflation data due later in the day.
The TSX Composite Index closed lower 25.11 points Tuesday to 17,572.28
The Canadian dollar strengthened 0.12 cents to 76.6 cents U.S.
March futures eked up 0.04% early Wednesday.
Shares in French train manufacturer maker Alstom jumped, hitting their highest in almost two years, after a report of a potential approach by its Canadian peer Bombardier to combine the firm's rail business.
National Bank of Canada raised the target price on Ero Copper to $21.50 from $21.00
National Bank of Canada ups the rating on First Quantum Minerals to outperform from sector perform
CIBC cut the rating on Spin Master to neutral from outperform
On the economic slate, Statistics Canada’s new housing price index for December rose 0.2% in December, the largest monthly increase for the month of December since 2009.
The Consumer Price Index (CPI) rose 2.2% on a year-over-year basis in December, matching the increase in November. On a seasonally-adjusted monthly basis, the CPI rose 0.4% in December.
The agency also reported wholesale trade declined 1.2% to $63.2 billion in November, the third decline in five months.
This morning (10 a.m. EST), the Bank of Canada announces its rate decision, and is expected to leave well enough alone.
ON BAYSTREET
The TSX Venture Exchange erased 3.45 points to end Tuesday at 582.46.
ON WALLSTREET
U.S. stock index futures indicated on Wednesday a rebound from the previous session’s losses after the release of stronger-than-expected results from IBM and Netflix
Futures for the Dow Jones Industrials gained 80 points, or 0.3%, early Wednesday to 29,260.
Futures for the S&P 500 picked up 13.25 points, or 0.4%, at 3,332.75.
Futures for the NASDAQ Composite rocketed 62.5 points, or 0.7%, to 9,232.25.
IBM shares climbed more than 4% in the pre-market on the back of quarterly numbers that beat analyst expectations. The company also issued 2020 earnings guidance that topped estimates.
Netflix gained 2% after releasing its results. The streaming giant’s revenue topped estimates, but its earnings per share was not comparable to an analyst forecast. International paid subscriber additions, however, topped expectations.
Airline and casino stocks rebounded Wednesday after falling sharply in the previous session. American Airlines gained 1.1%, and United Airlines improved 0.8%. Wynn Resorts, meanwhile, advanced 1%.
So far, more than 10% of S&P 500 companies have posted their latest quarterly results. Of those companies, 75% have posted better-than-forecast earnings.
Sentiment was also lifted as concerns over the coronavirus, which has swept across China, eased. China on Wednesday unveiled measures to rein in the deadly virus.
Overseas, in Japan, the Nikkei 225 rebounded 0.7% Wednesday, while in Hong Kong, the Hang Seng Index gained 1.3%
Oil prices slid 54 cents to $57.84 U.S. a barrel.
Gold prices lost $2.40 to $1,555.50 U.S. an ounce.
