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Stocks to Continue Stronger at Open

Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as oil prices ...


Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as oil prices rose on an expected fall in U.S. inventories and geopolitical tensions around oil-rich Iraq and Iran.

The S&P/TSX Composite Index gained 14.2 points Tuesday at 15,816.90

The Canadian dollar dropped 0.1 cents at 79.81 cents U.S. Wednesday morning.

December futures strengthened 0.1% Wednesday morning.

Boeing Co said on Tuesday that Bombardier's CSeries jets could still be hit with high U.S. import duties, even if they are assembled in Alabama through an industry-changing deal with Airbus.

Corus Entertainment reported a better-than-expected profit on Wednesday as the media company benefited from cost savings.

National Bank of Canada upped the target price on Canadian Pacific Railway to $226.00

Desjardins started coverage on GDI Integrated Facility Services with buy rating

On the economic beat, Statistics Canada said manufacturing sales increased 1.6% to $53.5 billion in August, breaking a two-month losing streak. The gain was mainly attributable to higher sales in the transportation equipment, and petroleum and coal product industries.

Sales were up in eight of the 21 industries, representing 66% of the Canadian manufacturing sector.

ON BAYSTREET

The TSX Venture Exchange faded 1.41 points to end Tuesday at 791.08

ON WALLSTREET

U.S. stock index futures pointed to a slightly higher open Wednesday, as investors turned their attention to new data releases and corporate earnings reports.

Futures for the Dow Jones Industrials increased 95 points, or 0.4%, to 23,046.

S&P 500 futures acquired 4.75 points, or 0.2%, to 2,561.75, while futures on the NASDAQ Composite index took on 6.25 points, or 0.1%, to 6,130.

Major earnings are set to dominate some discussion on Wall Street, as eBay and American Express, among others, are scheduled to post their latest financial figures.

The U.S. central bank's latest publication of the Beige Book will also be in focus; which is set to come out at 2 p.m. ET. The publication is expected to shed light on the U.S. Federal Reserve's thoughts on present economic conditions.

Elsewhere, housing starts and building permits are both due early this morning.

On Tuesday, various media reported that U.S. President Donald Trump would likely announce his pick for who would take up the position of Federal Reserve Chair at the start of next month.

At present, reports suggest that there are currently five candidates in the running for the role, including current Chair Janet Yellen, whose term expires early in 2018.

Overseas, European stocks posted gains approaching noon on the continent Monday, while Japan’s Nikkei 225 eked higher 0.1%, while in Hong Kong, the Hang Seng Index also inched up 0.1%

Oil prices gained 19 cents to $52.07 U.S. per barrel.

Gold prices seven dollars to $1,279.20 U.S. an ounce.