Northern, WI 9/21/2011 (PennyPayDay) – Bay Street stocks are poised for a mixed open Wednesday as traders await the outcome of a two-day Federal Reserve meeting amid hopes for new stimulus measures.Meanwhile, latest data revealed that Canadian inflation picked up in August at a faster rate than economists were expecting.
U.S. stock futures were pointing to a lower open.
On Tuesday, the S&P/TSX Composite Index snapped its 2-session losing streak to edge up 37.84 points or 0.31 percent to 12,209.88.
The price of crude oil eased below $86 as traders look to the outcome of a two-day Federal Reserve meeting, hoping for new stimulus measures to help lift the sagging U.S. economy. Today during trading hours, the EIA will release its U.S. crude oil inventories report for the week ended September 16. Analysts expect crude oil inventories to decline between 1 and 2 million barrels. Crude for November was down $0.95 to $85.97 a barrel.
The price of gold eased back below $1,800 as the U.S. dollar was firm ahead of the outcome of the FOMC meeting later today. Gold for December lost $11.60 to $1,797.50 an ounce.
In corporate news from Canada, Pacific Rubiales Energy (PRE.TO) said it halted pumping of 225,000 barrels of oil a day at its Colombian field because of worker protests.
Packaging and tissue products company Cascades Inc. (CAS.TO) announced that its Norampac division will close its container board mill located in Burnaby, British Colombia.
IP services and solutions provider Axia NetMedia Corp. (AXX.TO) reported fourth quarter net income of $1.6 million or $0.02 per share, marginally up from $1.1 million or $0.02 per share in the prior-year quarter.
Junior oil and gas exploration company Northern Spirit Resources (NS.V) said it would acquire Cascade Resources Inc., a private Alberta-based oil and gas - company.
In economic news, Statistics Canada said Canadian consumer prices rose at a 0.3 percent pace compared to the previous month, beating forecasts for a modest 0.1 percent rise. Consumer prices were up 3.1 percent on an annual basis. Economists expected annual inflation of 2.9 percent.
Meanwhile, the Bank of Canada's closely watched measure of core inflation was up 0.3 on the month, and 1.9 percent on-year. This is within the BoC's 2 percent target.
Elsewhere, Bank of England policymakers voted unanimously for a second consecutive meeting to retain the benchmark interest rate at record low, while signaling that they are exploring the possibility of adding more stimulus in the face of deteriorating economic prospects both at home and abroad, the minutes of the September 8 policy meeting revealed Wednesday.
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