Canadian stocks will look to start another winning streak Wednesday morning ahead of a pivotal round of economic data from the US.
Toronto stocks dropped modestly on Tuesday and closed lower for the first time in five sessions. Mining stocks returned some recent gains, while crude oil dragged energy stocks into the red.
The S&P/TSX Composite Index has lost 54.00 points or 0.58% to move at 9,231.62. The drop took stocks away from a three-month closing best.
Sun Century Petroleum Corp. announced that it intends to commence a public offer to acquire Masters Energy Inc. (MSY.TO) at a price of C$1.85 per common share in cash.
Air Canada (AC-A.TO) and TAP Portugal announced that they have entered a codeshare agreement that will create more travel options and better connections for customers travelling between Canada and Portugal.
As per the agreement TAP and Air Canada have begun offering code-share flights between Canada and Portugal via selected points.
Energy stocks may struggle as the price of oil fell fro its early highs to move back below the $50 a barrel mark.
The US consumer price index for March is scheduled to be released at 8:30 AM ET on Wednesday. The index is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The consensus estimates call for 0.2% growth in the consumer price index and a 0.1% rise in the core consumer price index that excludes food and energy.
The results of the New York Federal Reserve's empire state manufacturing survey, which elicits response from 200 manufacturing executives in New York state, is slated to be released at 8:30 AM ET on the same day. The headline general business conditions index for April is expected to come in at -35.
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