Higher U.S. and Canadian futures, and firm crude oil prices point to a positive start for the Canadian stock market on Wednesday.
The focus will be on the outcome of the U.S. presidential election. Democratic candidate Joe Biden was showing a lead over President Donald Trump in electoral votes (224-213) as the battle comes down to a handful of battleground states.
Trump claimed victory and demanded that the counting be halted even as millions of ballots, mostly that were cast in postal voting, remain to be counted. He has vowed to move Supreme Court alleging fraud in counting, and that the Joe Biden camp is trying to "steal the election."
On the economic front, trade data for September is due at 8:30 AM ET.
Enbridge Inc.'s (ENB.TO) board has declared a quarterly dividend of $0.81 per common share, payable on December 1, 2020 to shareholders of record on November 13, 2020.
CGI Inc. (GIB.A.TO) announced that it has been selected by VIA Rail Canada to help the national passenger rail service continue its journey of improvements in customer experience. CGI will assist in implementing an innovative reservation system as a first step toward helping the company create an integrated travel experience.
TransAlta Corporation (TA.TO) reported third-quarter EBITDA of $256 million compared to $249 million in the year-ago quarter.
On Tuesday, the benchmark S&P/TSX Composite Index ended with a gain of 242.28 points or 1.54% at 15,939.15.
Asian markets ended mostly higher on Wednesday after a choppy session as investors looked ahead to the outcome of the U.S. presidential election.
European stocks are up in positive territory after early weakness. The early weakness was due to U.S. President Donald Trump claiming victory and vowing to go to teh Supreme Court in a bid to prevent further ballots being counted.
In commodities, West Texas Intermediate Crude oil futures for December are up $0.98 or 2.6% at $38.64 a barrel.
Gold futures are little changed at $1,9110.00 an ounce, while Silver futures are down $0.149 or 0.69% at $24.185 an ounce.
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