Canadian stock futures pointed to a lower opening on Wednesday as the slump in oil prices continued, with investors fretting over no relief from a production cutback deal between producers from the Organization of the Petroleum Exporting Countries and non-OPEC producers.
The S&P/TSX Composite Index plummeted 1116.44 points to end Tuesday at 15,149.60
September futures tailed off 0.2% early Wednesday.
The Canadian dollar fell 0.07 cents to 75.28 cents U.S. early Wednesday.
Sears Canada is reportedly preparing to seek court protection against creditors in the coming weeks.
National Bank of Canada resumes coverage on Crius Energy Trust with an outperform rating
CIBC raised the price target on Enerflex Ltd. to $25.00 from $24.50
National Bank of Canada raised the rating on Spin Master to outperform from sector perform
ON BAYSTREET
The TSX Venture Exchange lost 6.51 points Tuesday to 770.09
ON WALLSTREET
U.S. stock index futures pointed to a mixed open on Wednesday, with investors keeping a close eye on moves in the oil market.
Ahead of the opening bell, futures for the Dow Jones Industrials gained one point to 21,438. Futures for the S&P 500 faded 3.25 points, or 0.1%, to 2,434.25. NASDAQ futures fell 6.75 points, or 0.1%, to 5,725.25.
In the earnings sphere, Oracle is set to report after the bell.
On the data front, mortgage applications rose 0.6% as interest rates remained low. Existing homes sales data are due at 10 a.m ET.
Crude prices tumbled more than 2%, sending energy stocks lower on Tuesday on signs of rising oil production. That raised doubts about the state of compliance by members of the Organization of the Petroleum Countries and non-OPEC countries when it came to slashing production.
European markets were generally trading lower as of noon on the continent, while, in Asia, the Nikkei 225 in Japan dropped 0.5%, while Shanghai’s CSI 300 bolted 1.2% higher.
Oil prices gained 17 cents to $43.68 U.S. per barrel.
Gold prices took on $2.10 to $1,245.60 U.S. an ounce.
