Equities in Canada’s largest centre rose at the open on Wednesday, following two days of losses, as latest media reports buoyed hopes of progress at the crucial U.S.-China trade talks this week.
The TSX Composite Index recovered 44.87 points to open for business Wednesday at 16,338.82
The Canadian dollar inched ahead 0.03 to 75.09 cents U.S.
RBC cut the target price on Acadian Timber to $18.00 from $20.00. Acadian shares didn’t budge from Tuesday’s close of $16.84.
National Bank of Canada cut the target on Bombardier to $3.70 from $4.15. Bombardier picked up two cents, or 1.3%, to $1.58.
RBC cut the rating on Canfor Corp. to sector perform from outperform. Shares in Canfor were unchanged at $15.47.
ON BAYSTREET
The TSX Venture Exchange dipped 0.26 points to 552.41
All but three of the 12 Toronto subgroups moved back into positive country, as health-care acquired 1.3%, consumer discretionary stocks climbed 0.8%, and industrials progressed 0.6%.
The three laggards were gold, down 0.3%, materials, off 0.2%, and utilities, eking back 0.02%.
ON WALLSTREET
Stocks rose on Wednesday after a report stoked optimism around the upcoming trade talks between China and the U.S.
The Dow Jones Industrials hiked 143.62 points to 26,307.66
The S&P 500 recovered 19.01 points to 2,912.07
The NASDAQ Composite spiked 61.22 points to 7,885
Apple shares contributed to the gains, rising 0.9% after an analyst at Canaccord Genuity hiked his price target on the iPhone maker to $260 per share from $240.
The gains would be the indexes’ first in three sessions as worries around the negotiations have dented investor sentiment.
On the data front, wholesale trade figures for August and Job Openings and Labour Turnover Survey (JOLTS) data for August were both to be released at around 10 ET this morning.
Media reports stated China is prepared to accept a partial trade deal as long as no more tariffs are imposed by President Donald Trump. The report added that Beijing would offer non-core concessions like purchases of agricultural products in return, but not budge on major sticking points between the two nations.
One source said, however, negotiators were not optimistic about securing a broad agreement that would fully end the trade conflict between the world’s two largest economies. Both sides are set for high-level trade negotiations in Washington on Thursday
Prices for the benchmark 10-year U.S. Treasury lost ground, raising yields to 1.56% from Tuesday’s 1.53%. Treasury prices and yields move in opposite directions.
Oil prices regained 68 cents to $53.31 U.S. a barrel.
Gold prices added $8.80 to $1,512.70 U.S. an ounce.
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