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Investors Hopeful at Wednesday's Open

Nov 08, 2017 (Baystreet.ca via COMTEX) --

Traders were hoping for repeated performances Wednesday of gains shown over recent days, gains which have driven Canada's largest market to record highs.

The S&P/TSX Composite Index gained 39.59 points to close Tuesday at 16,131.79

The Canadian dollar gathered 0.21 cents at 78.56 cents U.S. Wednesday morning. Wednesday futures were not available at press time.

On the economic docket, Canada Mortgage and Housing Corporation reported that housing starts numbered 216,770 units in October compared to 215,153 units in September.

This trend measure is a six-month moving average of the monthly seasonally-adjusted annual rates of housing starts.

Statistics Canada revealed that building permits rose in September for the first time in three months, as strength in the non-residential sector outweighed some weakness in the residential sector.

The agency says Canadian municipalities issued $7.9 billion worth of building permits in September, up 3.8% from the previous month.

ON BAYSTREET

The TSX Venture Exchange regained 0.99 points Tuesday to 796.59

ON WALLSTREET

U.S. stock index futures pointed to a slightly lower open on Wednesday, as investors readied to delve through another cluster of earnings from the U.S. corporate sphere.

Futures for the Dow Jones Industrials fell eight points to 23,480

S&P 500 futures docked two points, or 0.1%, to 2,584.75, while futures on the NASDAQ Composite index poked up 1.75 points to 6,317.75.

Earnings season continues to be in full swing half way through the trading week, with IAC, 21st Century Fox, Monster Beverage, Square, Hostess Brands, Roku, Sunrun and Twilio expected to publish earnings after the bell.

Earlier on Wednesday, Regeneron and Humana reported better-than-expected earnings.

On the data front, weekly mortgage applications volume remained unchanged from the previous week.

Overseas, European stocks were trading under pressure approaching noon on the continent, while Japan's Nikkei 225 eased 0.1%, while in Hong Kong, the Hang Seng Index lost 0.3%.

Oil prices slid 22 cents to $56.98 U.S. per barrel.

Gold prices took on six dollars to $1,281.80 U.S. an ounce.

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