Canadian stocks are poised for a marginally higher open Wednesday amid mixed commodities and varied cues from the global equity markets as traders await anxiously for Federal Reserve Chairman Ben Bernanke to testify on the outlook for the U.S. economy before the Joint Economic Committee of Congress.
U.S. stock futures were pointing to a higher open after comments from two Federal Reserve officials suggested the Fed is unlikely to taper its $85 billion-per-month bond-buying program anytime soon.
On Tuesday, the S&P/TSX Composite Index gained 129.38 points or 1.03 percent to 12,742.43.
The price of crude oil was moving lower Wednesday morning as traders await cues from the official inventories data, due out later today during the session. Analysts expect crude oil inventories to dip 1.2 million barrels last week. Crude for July delivery shed $0.30 to $95.88 a barrel.
The price of gold was moving higher Wednesday morning, supported by physical demand as the yellow metal dived to a fresh two-year low last week. Gold for June delivery added $12.40 to $1,390.00 an ounce.
In corporate news from Canada, multi-channel retailer Sears Canada Inc. (SCC.TO) slipped into the red in first quarter, reporting net loss of C$31.2 million or C$0.31 compared to net earnings of C$93.1 million or C$0.91 per share during the same quarter last year. Excluding the gain from lease terminations, the company's net loss was C$44.9 million for last year.
Independent, full-service investment dealer Canaccord Financial (CF.TO) reported improved fourth-quarter net income of C$17.5 million or C$0.14 per share compared to C$11.2 million or C$0.02 per share in the comparable quarter last year.
Adjusted income came in at C$15.6 million or C$0.12 per share compared to C$2.1 million or C$0.02 per share in the prior-year quarter. Analysts expected loss of C$0.09 per share for the quarter.
Cameroon focused iron ore miner Afferro Mining (AFF.L, AFF.V) said it would be acquired by International Mining & Infrastructure Corporation plc (IMIC.L) for 80 pence in cash, plus a 2-year convertible loan note with principal value of 40 pence for each share of Afferro.
In economic news, Statistics Canada said retail sales were little changed at $39.5 billion in March However, removing the effects of price changes, particularly lower gasoline prices, retail sales in volume terms rose 0.7 percent.
Elsewhere, the euro area current account surplus surged to EUR 25.9 billion in March largely due to an increase in trade surplus, the European Central Bank reported. The current account surplus amounted to EUR 14.6 billion in February. The trade in goods totaled EUR 21.8 billion, up sharply from EUR 11.5 billion a month ago. However, the surplus on trade in services fell to EUR 7.6 billion from EUR 8.4 billion.
Meanwhile, retail sales in the UK declined unexpectedly in April, the latest figures from the Office for National Statistics showed. Retail sales volume, including auto fuel, fell 1.3 percent month-on-month in April against forecast for a 0.1 percent increase. Sales, excluding fuel, dropped 1.4 percent compared with an expected 0.1 percent growth.
Elsewhere, the call for additional stimulus by Bank of England chief Mervyn King was overturned by other policymakers for the fourth consecutive month, minutes showed. As seen in previous months, King, Paul Fisher and David Miles sought an increase in quantitative easing by GBP 25 billion to GBP 400 billion.
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