Futures Shoot Higher

CIBC, RBC in Focus


Futures for Canada's commodity-heavy main stock index inched closer to a record high on Wednesday, tracking gains in oil prices, while optimism about an economic rebound from vaccination rollouts and a U.S. fiscal package also lifted sentiment.

The TSX gained 121.98 points to close Tuesday at 18,421.60.

The Canadian dollar inched up 0.03 cents at 79.16 cents U.S.

March futures progressed 0.5% Wednesday.

The Brazilian unit of Spanish telecom Telefonica SA said on Tuesday it had agreed with Canadian pension fund CDPQ to create a joint venture to develop a "neutral and independent" wholesale fiber optic network in Brazil.

Credit Suisse raised the rating on Canadian Imperial Bank of Commerce to neutral from underperform.

Credit Suisse raised the target price on Royal Bank of Canada to $118.00 from $115.00

Scotiabank cut the price target on George Weston Ltd to $115.00 from $117.00

On the economic calendar, Statistics Canada said January rang in 2021 with a record high total value of building permits issued, rising 8.2% to $9.9 billion and surpassing the previous record of $9.6 billion set in April 2019. These gains were driven primarily by the residential sector in January.

ON BAYSTREET

The TSX Venture Exchange faltered 6.61 points Tuesday to 1,027.75.

ON WALLSTREET

U.S. stock futures were higher on Wednesday after stocks dipped in the Tuesday regular session.

Futures for the Dow Jones Industrial index hiked 133 points, or 0.4%, to 31,492.

Futures for the S&P 500 improved 12.25 points, or 0.3%, at 3,879.75.

Futures for the NASDAQ Composite amassed 37 points, or 0.3%, to 13,092.25.

Stocks benefiting from economic activity picking up led the gains in the premarket. Norwegian Cruise Line Holdings was up 2.7%. United Airlines was up 2%. Bank and energy shares were also higher.

Private payroll data for February was due Wednesday. This will give investors a read into the labor market. Economists polled by Dow Jones expect 225,000 private jobs were added in February, higher than the 174,000 added in January.

President Joe Biden said late Tuesday that the U.S. will have a large enough supply of coronavirus vaccines to vaccinate every adult in the nation by the end of May. That would be two months ahead of schedule. The vaccine rollout is seen as key part in getting Americans back to work and for the economy to recover.

Overseas, In Japan, the Nikkei 225 took on 0.5%, while in Hong Kong, the Hang Seng rocketed 2.7%.

Oil prices acquired 69 cents to $60.44 U.S. a barrel.

Gold prices slid $19.00 to $1,714.60 U.S.