Canada's main stock index futures rose on Wednesday as oil prices jumped after data showed a decline in U.S. crude inventories and an outage at a major refinery on the U.S. East Coast.
The S&P/TSX Composite Index tumbled 145.97 points to end Tuesday at 16,377.50
The Canadian dollar traveled higher 0.16 cents to 76.03 cents U.S. early Wednesday
September futures progressed 0.3% Wednesday.
South Africa's Sibanye-Stillwater is set to sell a 51% stake in its PGM-copper project in northern Ontario to Generation Mining Ltd in a deal to further develop the asset.
RBC raised the rating on Centerra Gold to sector perform from underperform
JP Morgan raised the rating on Eldorado Gold to neutral from underweight
RBC raised the target price on Kirkland Lake Gold to $54.00 from $52.00
ON BAYSTREET
The TSX Venture Exchange fell 11.24 points, or 1.9%, Tuesday to 577.88
ON WALLSTREET
U.S. stock index futures jumped Wednesday morning after Treasury Secretary Steven Mnuchin told media the U.S. and China were close to reaching a trade deal.
Futures for the Dow Jones Industrial Average climbed 103 points, or 0.4%, to 26,665.
Futures for the S&P 500 grabbed 12.75 points, or 0.4%, at 2,934.
NASDAQ futures rocketed 49.75 points, or 0.7%, to 7,678.50
General Mills, H. B. Fuller and Pier 1 Imports are among the companies announcing earnings today.
In corporate news, Micron shares shot up 8% in the pre-market after the chipmaker said it could “lawfully resume” shipments to Chinese telecom giant Huawei. The stock also got a boost from better-than-expected quarterly results.
On the data front, there will be durable goods numbers at advanced economic indicators due later this morning.
Trade tensions between the world’s largest economies intensified last month after the U.S. hiked tariffs on billions of dollars worth of Chinese imports. China retaliated with tariffs of its own.
Those fears dissipated in June after Trump said he and Xi agreed to meet at the G-20, stoking hope of trade progress between the two countries.
Overseas, the Nikkei 225 faded 0.5% Wednesday, while in Hong Kong, the Hang Seng index poked ahead 0.1%
Oil prices gained $1.03 to $58.86 U.S. a barrel.
Gold prices dropped $11.60 to $1,407.10 U.S. an ounce.
