Futures for equities in Canada’s largest market rose on Wednesday mirroring global mood, as oil prices recovered ahead of a meeting of major producers and as concerns around the new coronavirus variant Omicron eased.
The S&P/TSX Composite stumbled 489.01 points, or 2.3%, to close Tuesday at 20,659.99.
Futures were up 1.7% Wednesday
The Canadian dollar gained 0.19 cents to 78.47 cents U.S. Wednesday.
Royal Bank of Canada reported a jump in quarterly profit on Wednesday, as strong growth in its wealth management and capital markets businesses offset weakness in the investor and treasury services units.
Michigan's governor on Tuesday said she would dismiss her lawsuit against Enbridge’s Line 5 oil pipeline in federal court, clearing the way for the Midwestern state's attorney general to pursue a separate case in state court.
National Bank of Canada cut the price target on Agnico Eagle Mines to $80.00 from $82.00
National then resumed trading on MAG Silver with an outperform rating
Scotiabank raised the target price on Park Lawn Corp. to $46 from $45.5
On the economic slate, Statistics Canada reported that building permits increased 1.3% in value to $10.3 billion in October, led by gains in British Columbia (+15.0%) and Ontario (+4.5%).
Also, Markit will be out this morning (about 9:30 a.m. EST) with its Manufacturing Purchasing Managers Index for November.
ON BAYSTREET
The TSX Venture Exchange fumbled 14.82 points, or 1.6%, Tuesday to 939.44.
ON WALLSTREET
U.S. stock futures were higher in early trading Wednesday, as companies that benefit from the economic reopening gained along with big energy and pharma.
Futures for the Dow Jones Industrials galloped 302 points or 0.9%, to 34,759.
Futures for the S&P 500 popped 56 points, or 1.2%, to 4,622.25.
Futures for the NASDAQ surged 222.5 points, or 1.4%, to 16,373.
Stocks wrapped up a volatile month of trading on Tuesday. The Dow lost 3.7% for its second month of losses in three. The S&P 500 fell 0.8%, while the NASDAQ gained 0.25% in November.
Still, the major averages are up solidly for the year. The Dow is up 12.7% and the S&P 500 is up 21.6% in 2021. The NASDAQ is up an impressive 20.6% this year.
The gains follow a Tuesday selloff on Wall Street over fears about the new omicron COVID variant and the Federal Reserve mulling a quicker-than-planned exit from its easy monetary policy.
Merck led gainers on the S&P 500, rising 4% in pre-market trading a day after its COVID treatment pill received approval from the Food and Drug Administration, though by a narrow 13-10 margin.
Energy shares also posted sharp gains, with Occidental Petroleum up 3.4% as West Texas Intermediate prices climbed more than 4% to nearly $69 a barrel.
Elsewhere in early trading, stocks associated with the economic reopening also posted strong gains. Carnival was up 2.9%, Wynn Resorts gained 2.6% and Hilton Worldwide saw a 2.8% gain.
Still, the major averages are up solidly for the year. The Dow is up 12.7% and the S&P 500 is up 21.6% in 2021. The NASDAQ is up an impressive 20.6% this year.
Overseas, markets in Japan recovered 0.4% Wednesday, while the Hang Seng in Hong Kong jumped 0.8%.
Oil prices acquired $2.29 to $68.47.
Gold prices gained $11.10 to $1,787.60 U.S. an ounce.
