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Futures Up on Gains in Energy Shares

Futures for Canada's main stock index rose on Wednesday, boosted by the energy sector as oil prices ...

Futures for Canada's main stock index rose on Wednesday, boosted by the energy sector as oil prices jumped after an unexpected decline in U.S. crude inventories.

The S&P/TSX Composite Index tumbled 194.01 points, or 1.3%, to close Tuesday at 14,877

The Canadian dollar improved 0.11 cents at 75.26 U.S. early Wednesday

December futures galloped 0.6% Wednesday.

U.S. crude inventories last week fell by 1.5 million barrels, the American Petroleum Institute said on Tuesday, easing concerns for now that a supply glut is building up.

Bombardier plans to reduce its Belfast workforce by 490.

Barclays cut the price target on George Weston to $96 from $113

On the economic front, Statistics Canada reported that wholesale trade in this country declined for a second consecutive month, down 0.5% to $63.2 billion in September. Lower sales were recorded in five of seven sub-sectors, led by the machinery, equipment and supplies and the personal and household goods sub-sectors.

ON BAYSTREET

The TSX Venture Exchange slumped 15.72 points, or 2.6%, Tuesday to 599.51

ON WALLSTREET

U.S. stock index futures were higher Wednesday morning, as traders prepared for some respite from the latest wave of global selling.

Futures for the Dow Jones Industrials sprinted 168 points, or 0.7%, to 24,605

S&P futures popped 20.75 points, or 0.8%, to 2,660.75, while the NASDAQ Composite jumped 72.75 points, or 1.1%, to 6,605.25.

U.S. stocks sold off for a second consecutive session on Tuesday, as energy shares dropped with oil prices, while retailers including Target and Kohl tumbled after weaker-than-expected earnings and forecasts.

On the data front, investors are likely to closely monitor durable goods figures for October at around 8:30 a.m. ET. Existing home sales data for October and a final reading of consumer sentiment for November are both scheduled to be released at around 10:00 a.m.

Overseas, in Japan, the Nikkei 225 faltered 0.4% Tuesday, while in Hong Kong, the Hang Seng index gained 0.5%

Oil prices strengthened $1.19 to $54.61 U.S. a barrel.

Gold prices hiked $3.40 to $1,224.60 U.S. an ounce.