European stocks have edged up, the euro is holding steady against the U.S. greenback and Spanish and Italian bond yields eased on Wednesday as investors await a two-day European Union summit due to begin tomorrow. Expectations for any major breakthroughs at the summit may be low but at least the panic-selling momentum of the last few days has receded.
In Asia, markets are mixed on Wednesday ahead of the EU summit in Brussels that's aimed at finding a resolution to the Eurozone debt crisis. Though little is expected to come from the talks, some traders hope the European Central Bank will take a more aggressive posture to help ease the situation.
Prior to the TSX open, here's what you should know:
*U.S. futures point to a flat open with futures for the S&P 500 down 0.02 per cent, Dow Jones Industrial Average futures down 0.05 per cent and Nasdaq 100 futures down 0.04 per cent.
*Oil continues to hover above US$79 a barrel on Wednesday. Benchmark oil for August delivery is down 12 cents at $79.24 a barrel and Brent crude for August delivery is down 53 cents at $92.49 per barrel.
*Gold prices have eased slightly as pressures in the gold market continue to mount. Spot gold was down 0.3 per cent at $1,567.30 an ounce, while U.S. gold futures for August delivery were down $6.60 an ounce at $1,568.30.
*The Canadian dollar was up by 0.49 cents at close on Tuesday to trade at 97.66 cents US.
*On Wednesday, Statistics Canada will release three separate reports: Principal Field Crops for June 2012, a research paper examining employment dynamics in the business sector from 2001 to 2009, and an EviroStats summer 2012 report.
*On the U.S. economic data calendar for today, investors will eye a durable goods orders for May report and the National Association of Realtors' pending home sales index for April.