Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as tightening supply boosted oil prices.
The S&P/TSX Composite Index subsided 70.84 points to end Tuesday at 16,336.45, ending a six-session winning streak
The Canadian dollar inched up 0.03 cents to 75.04 cents U.S. early Wednesday
June futures forged ahead 0.3% Wednesday.
Credit Suisse raised the price target on Cenovus Energy to $17.00 from $15.00
CIBC cut the target price Shaw Communications to $31.00 from $32.00
ON BAYSTREET
The TSX Venture Exchange slouched 3.7 points Tuesday to 628.59
ON WALLSTREET
U.S. stock index futures were slightly higher Wednesday morning, as market participants await inflation data and minutes from the Federal Reserve’s latest meeting.
Futures for the Dow Jones Industrial Average improved 49 points, or 0.2%, to 26,208.
Futures for the S&P 500 gained 6.5 points, or 0.2%, at 2,889
NASDAQ futures picked up 15.25 points, or 0.2%, to 7,608.50
In corporate news, Delta Air Lines and MSC Industrial are both set to release their latest quarterly results shortly before the bell. Bed Bath & Beyond is set to publish its earnings after market close.
On the data front, the U.S. Labor Department is expected to publish month-on-month and year-on-year Consumer Price Index figures for March Wednesday morning.
The Federal Reserve will release the minutes of its March monetary policy meeting later in the session. Last month, the U.S. central bank decided to maintain interest rates and hold off an any further increases this year.
Meanwhile, global economic growth was a sore point for risk asset markets. The International Monetary Fund cut its forecast for world economic growth this year, saying a slowdown could force world leaders to coordinate stimulus measures.
The fund said it expects the world economy to grow by 3.3% this year. That’s down from its previous outlook of 3.5%, which was also a downgrade.
Overseas, in Japan, the Nikkei 225 faded 0.5% Wednesday, while in Hong Kong, the Hang Seng Index stepped back 0.1%.
Oil prices hiked 42 cents to $64.40 U.S. a barrel.
Gold prices docked 70 cents to $1,307.60 U.S. an ounce.
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