Stock futures pointed to a lower open for Canada's main stock index on Wednesday after oil prices tumbled more than 1%, pressured by rising exports from the Organization of the Petroleum Exporting Countries and a strong U.S. dollar.
The S&P/TSX Composite Index ended Tuesday down 51.58 points to 15,130.61, its lowest close in almost seven months. September futures tumbled 0.3% early Wednesday.
The Canadian dollar descended 0.11 cents to 77.19 cents early Wednesday
Raymond James cut the rating on Athabasca Oil to market perform from outperform
Barclays cut the target price on Jean Coutu Group PJC to $17.00 from $19.00, with an underweight rating
TD Securities raised the target price on Veresen to $18.50 from $11.00
Canada's inflation should be well into an uptrend by the first half of 2018, the Bank of Canada's head told a German newspaper, adding that policy normalization must begin before price growth hits its target in the latest hawkish comments from the central bank.
ON BAYSTREET
The TSX Venture Exchange gave back 2.69 points Tuesday to 764.05
ON WALLSTREET
U.S. stock index futures pointed to a mixed open on Wednesday as traders awaited the release of the Federal Reserve's latest meeting minutes.
Ahead of the opening bell, futures for the Dow Jones Industrials moved ahead seven points to 21,443. Futures for the S&P 500 added three points, or 0.1%, to 2,428. NASDAQ futures climbed 13.75 points, or 0.3%, to 5,603
U.S. markets were shut down Tuesday for the Fourth of July holiday.
On the earnings front, Yum China is scheduled to report before the bell. Herman Miller and PriceSmart are both due to report after the market close.
The minutes are from the June 14 meeting when the Federal Open Market Committee raised rates for a second time this year and revealed details on how it intends to gradually begin paring back its more-than-$4.5-trillion balance sheet. The markets have doubted the Fed will hike rates for a third time this year, giving just about 50% odds for a September rate rise.
Elsewhere on the data front, Wednesday will see factory orders for May released this morning.
European markets surged early Wednesday afternoon, while Japan’s Nikkei 225 poked up 0.3% and Shanghai’s CSI 300 gained 1.1%.
Oil prices faded 52 cents to $46.55 U.S. per barrel.
Gold prices picked up $1.80 to $1,221.00 U.S. an ounce.
