Futures for Canada's resource-heavy main stock index rose on Wednesday as commodity prices climbed, while investors awaited U.S. economic data that could boost the chances of more big interest rate hikes from the world's largest economy.
The TSX Composite dropped 366.45 points, or 2%, to close Tuesday at 18,216.68.
December futures grabbed 0.6% on Wednesday.
The Canadian dollar fell 0.15 cents to 72.49 cents U.S.
Cameco Corp and Brookfield Renewable Partners said after markets closed on Tuesday that they would acquire nuclear power plant equipment maker Westinghouse Electric in a $7.9-billion deal including debt, as an energy crisis in Europe renewed interest in nuclear power.
ON BAYSTREET
The TSX Venture Exchange floundered 20.12 points, or 3.3%, Tuesday to 587.90.
ON WALLSTREET
Stock futures rose Wednesday as investors awaited the latest inflation numbers and the minutes from the Federal Reserve’s latest meeting.
Futures the Dow Jones Industrials rocketed 159 points, or 0.5%, to 29,425.
Futures for the S&P 500 sprinted 27 points, or 0.8%, to 3,626.25.
Futures for the NASDAQ Composite leaped 107 points, or 1%, to 10,952.
Investors are looking forward to the September producer price index, a gauge of final-demand wholesale prices, due to be released by the U.S. Bureau of Labor Statistics on Wednesday.
Economists surveyed by Dow Jones are expecting headline PPI to increase 0.2%, after declining 0.1% in the previous month.
PepsiCo shares rose 1.5% after the beverage and snack giant posted quarterly earnings that beat analyst expectations. The company posted a profit of $1.97 per share, beating a Refinitiv forecast of $1.84 per share.
UBS analyst Robin Farley upgraded shares of Norwegian Cruise Line to a buy rating, citing improved bookings and occupancy rates.
Farley trimmed the bank’s price target on the stock, which reflects a near 30% upside for the stock from Tuesday’s close.
Shares rose about 3% in pre-market trading.
In Japan, the Nikkei 225 fell four points Wednesday, while in Hong Kong, the Hang Seng Index slipped 0.8%.
Oil prices hiked 46 cents to $89.81 U.S. a barrel.
Gold prices dropped $9.10 to $1,676.90 U.S. an ounce.
Futures Rise Ahead of Inflation Data
