Futures for equities in Canada’s biggest market rose on Wednesday, helped by firmer bullion prices as worries about a halt in U.S. fiscal stimulus talks faded and bolstered the yellow metal's appeal as a hedge against inflation.
The TSX collapsed 174.06 points, or 1.1%, to close Tuesday at 16,236.13.
The Canadian dollar advanced 0.14 cents early Wednesday to 75.20 cents U.S.
December futures hiked 0.8% Wednesday.
Canaccord Genuity raised the target price on Autocanada Inc. to $22.00 from $18.00.
National Bank of Canada raised the price target on TFI International to $68.00 from $66.00.
ATB Capital Markets cut the price target on Valens Company to $5.30 from $6.50.
On the economic slate, Western University’s IVEY School of Business publishes its Purchasing Managers Index this morning (around 10 a.m. EDT)
ON BAYSTREET
The TSX Venture Exchange skidded 6.91 points, or 1%, Tuesday to 705.89.
ON WALLSTREET
Futures for equities south of the border rebounded Wednesday from Tuesday’s slide after U.S. President Donald Trump tweeted support for aid to airlines and other stimulus measures.
Futures for the Dow Jones Industrials jumped 188 points, or 0.7%, to 27,888.
Futures for the S&P 500 gained 21.25 points, or 0.6%, at 3,374.75.
Futures for the NASDAQ Composite tacked on 69 points, or 0.6%, to 11,342.75.
It was unclear whether this meant Trump was retreating from his halt of stimulus talks with Democrats, a move which knocked the Dow down by more than 300 points on Tuesday.
Trump urged Congress to approve airline payroll support, saying that money and aid for small business could be paid for with unused funds from the previous stimulus.
Trump also urged Congress in a tweet to approve $1,200 stimulus cheques for Americans.
Shares of United Airlines gained more than 3% in pre-market trading, making back nearly all of their Tuesday decline. Delta gained 2%.
The Federal Open Market Committee will publish its meeting minutes from its September meeting at 2 p.m. ET on Wednesday. The FOMC made no action on interest rates in September, leaving them near zero.
Overseas, in Japan, the Nikkei 225 slid 0.1% Wednesday, while in Hong Kong, the Hang Seng index gained 1.1%.
Oil prices dropped $1.08 to $39.59 U.S. a barrel.
Gold prices faltered $19.10 at $1,922.80.
