Futures for stocks in Toronto rose on Tuesday, aided by higher crude prices, but gains were capped by weakness in bullion as investors await U.S. inflation data which will guide future Federal Reserve rate hikes.
The TSX Composite leaped 213.89 points, or 1.1%, to close Monday at 19,978.23.
Futures rocketed 0.6% early Tuesday.
The Canadian dollar added 0.14 cents to $77.18 cents U.S.
ON BAYSTREET
The TSX Venture Exchange climbed 13.97 points Monday, or 2.2%, to 659.54
ON WALLSTREET
Stock futures were higher Tuesday as investors waited for an important inflation data point ahead of the Federal Reserve’s September meeting.
Futures for the Dow Jones Industrials jumped 207 points, or 0.6%, early Tuesday to 32,705.
Futures for the S&P 500 acquired 27.5 points, or 0.7%, to 4,157.50
Futures for the NASDAQ Composite Index hiked 86 points, or 0.7%, to 12,909.50.
At 8:30 a.m. ET, all eyes will be on the August consumer price index report, which is expected to show a 0.1% decrease in headline inflation on a monthly basis, according to estimates from Dow Jones. On a year-over-year basis, the index is expected to show an 8% increase — down slightly from the previous month.
The report is one of the last the Fed will see ahead of their Sept. 20-21 meeting, where the bank is expected to deliver their third consecutive 0.75 percentage point interest rate hike to tamp down inflation.
Barclays downgraded shares of Rent the Runway to neutral from outperform, citing concerns over the company’s active subscriber growth.
Rent the Runway shares fell more than 22% in the premarket after the company announced it was laying off 24% of its corporate workforce.
UBS Group plans to increase its dividend by 10% to $0.55 per share and expects its 2022 share repurchases to exceed $5 billion, the Swiss bank said on Tuesday.
UBS shares were indicated 1.2% higher in pre-market activity after what one analyst called surprise news.
In Japan, the Nikkei 225 index gained 0.3% Tuesday, while in Hong Kong, the Hang Seng returned after a long weekend to dump 0.2%.
Oil prices jumped $1.49 to $89.27 U.S. a barrel.
Gold prices retreated 10 cents to $1,740.50 U.S. an ounce.
