1. U.S. stocks opened higher on Wednesday, boosted by strong quarterly results from industry heavyweights General Motors (N:GM) and Boeing (N:BA).
The Dow Jones industrial average (DJI) rose 45.36 points, or 0.26 percent, to 17,262.47, the S&P 500 (SPX) gained 6.71 points, or 0.33 percent, to 2,037.48 and the Nasdaq composite index (IXIC) added 22.38 points, or 0.46 percent, to 4,903.35.
2. Coca-Cola reported a bigger-than-expected drop in quarterly sales due to a strong dollar and the company said it expected the currency to hurt its full-year revenue more than previously anticipated.
The cola maker, which gets more than half of its total revenue from markets outside North America, said a strong dollar would lower its full-year revenue by 7 percentage points compared with 6 percentage points estimated earlier.
3. The euro held steady against the U.S. dollar on Wedmesday, as Tuesday's upbeat U.S. housing sector data continued to lend support to the greenback, while investors began to focus on the European Central Bank's monthly policy statement expected on Thursday.
EUR/USD hit 1.1386 during European afternoon trade, the session high; the pair subsequently consolidated at 1.1346.
The pair was likely to find support at 1.1303, the low of October 19 and resistance at 1.1412, the high of October 13.
4. The Bank of Canada kept its benchmark interest rate on hold in October, after already cutting rates twice this year, it announced on Wednesday.
The BoC said it was leaving its overnight cash rate unchanged at 0.50%, in line with expectations.
Inflation has evolved in line with the outlook in the Bank’s July Monetary Policy Report. Total CPI inflation remains near the bottom of the Bank’s target range, owing to declines in consumer energy prices.
5. Oil prices fell on Wednesday after a big build in U.S. crude inventories which fed concerns that demand may not be enough to absorb one of the largest global surpluses in modern times.
The American Petroleum Institute on Tuesday reported a rise in U.S. commercial crude stocks of 7.1 million barrels to 473 million barrels in the week to Oct. 16, trumping expectations for an increase of 3.9 million barrels.
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