Canadian stocks are poised for a mixed open Wednesday as traders may prefer to stay on the sidelines ahead of the upcoming European Union summit, with a very low expectations for any major breakthroughs at the summit. However, weak commodities may weigh on the resource-heavy main index.
U.S. stock futures were pointing to a flat open.
On Tuesday, the S&P/TSX Composite Index ended flat, edging up 4.03 points to 11,334.42.
The price of crude oil was ticking higher Wednesday morning as traders await cues from the official inventories data from the EIA, due out later during the session. Crude for August edged up $0.36 to $79.72 a barrel.
The price of gold was moving lower Wednesday morning as hopes for a concrete plan to resolve the euro crisis in the upcoming European Union summit faded. Speculation about a move towards common euro-zone bonds subsided after German Chancellor Angela Merkel ruled out such move. Gold for August shed $6.10 to $1,568.80 an ounce.
In corporate news from Canada, gold miner Goldcorp Inc. (GG,G.TO) announced that Ontario Court has dismissed the claims of Barrick Gold Corp.(ABX.TO) seeking to declare unlawful and ineffective the transactions announced by Goldcorp and New Gold Inc. (NGD.TO) on January 7, 2010 with respect to the acquisition of the El Morro project in Chile.
Power generation and infrastructure company Atlantic Power Corp. (ATP.TO) said it has commenced an underwritten public offering of 5,500,000 common shares of the company.
Silver streaming company Pan American Silver Corp. (PAA.TO) said that it has completed the sale of its Quiruvilca operation to Quiruvilca Ltd., a subsidiary of Southern Peaks Mining L.P.
MacDonald Dettwiler (MDA.TO) said it would buy Space Systems/Loral from Loral Space & Communications Inc. (LORL) for about $1 billion.
Transportation company Canadian Pacific Railway (CP.TO) on said that Rick George has resigned from its Board of Directors.
In economic news from south of the border, the Commerce Department said new orders for manufactured durable goods increased by $2.3 billion in May, a 1.1 percent increase over revised April levels. The April levels of durable goods orders were, however, revised down to show a 0.2 percent decline rather than the relatively level rate previously reported.
From the euro zone, import price inflation in Germany eased to 2.2 percent in May from 2.3 percent in April, the Federal Statistical Office said. The import price index, excluding crude oil and mineral oil products, was 1.4 percent above the level of a year earlier.
by RTT Staff Writer
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