Stock futures pointed to a lower opening for Canada's main stock index on Wednesday, as the latest escalation in the China-U.S. trade war weighed on investor sentiment.
The S&P/TSX Composite Index gained 37.16 points to conclude Tuesday at 16,094.25
The Canadian dollar gave up 0.04 cents to 76.52 U.S. early Wednesday
September futures faded 0.1% Wednesday
The Organization of Petroleum Exporting Countries further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group's efforts to support the market next year.
Canada is ready to offer the United States limited access to the Canadian dairy market as a concession in negotiations to rework the North American Free Trade Agreement.
Hudson's Bay Co said its second-quarter loss widened due to lower sales from its Lord & Taylor, Hudson's Bay and Saks OFF 5th banners. As well, RBC raised its target price on the company’s stock to $11.00 from $10.00
Barclays raised the price target on Dollarama Inc. to $53.00 from $52.00
National Bank of Canada raised the price target on Wesdome Gold Mines to $4.50 from $4.00
ON BAYSTREET
The TSX Venture Exchange recovered 3.46 points Tuesday to 722.20
ON WALLSTREET
U.S. stock index futures pushed higher ahead of Wednesday's open, adding onto the gains seen in the previous trading session.
Futures for the Dow Jones Industrials dropped four points to 25,998
S&P 500 futures lost one point to 2,888.75, while futures for the NASDAQ composite added 1.25 points to 7,513.25
Oxford Industries Inc. and Science Applications International Corp. are among the companies reporting earnings Wednesday.
An air of caution continues to linger among investors worldwide, as turbulence surrounding trade relations and politics bubble away. Last Friday, President Donald Trump told reporters that he was "ready to go" on hitting China with an additional $267 billion worth of tariffs, on top the already $200 billion in tariffs previously announced.
This Tuesday, news emerged that China would seek permission from the World Trade Organization to inflict sanctions upon the U.S. soon; meantime investors question what this will mean for the two nations going forward.
The producer price index was scheduled for release at 8:30 a.m. ET and the U.S. Federal Reserve's Beige Book release, out at 2 p.m. ET.
Overseas, in Japan, the Nikkei 225 let go of 0.3% while in Hong Kong, the Hang Seng index also lost 0.3%, keeping the index in bear market territory.
Oil prices improved 72 cents to $69.97 U.S. a barrel.
Gold prices sagged $2.60 to $1,199.60 U.S. an ounce.
