Futures Remain in Red

Cineplex in Vogue

(CONTAINS UPDATED INFORMATION ON DOW FUTURES)

Futures tracking Canada's main stock index fell on Wednesday, pointing to a seventh straight session in the red, as investors fretted about surging borrowing costs from aggressive policy tightening by central banks globally to curb inflation.

The TSX Composite wilted 19.13 points by Tuesday’s close to 18,307.91.

Futures for Wednesday were down 0.5%.

The Canadian dollar dropped 0.3 cents to 72.56 cents U.S.

Among stocks, cinema chain operator Cineplex has reached out to the lenders of Cineworld to revive a potential merger with the bankrupt rival's Regal Entertainment, the Wall Street Journal reported on Wednesday.

ON BAYSTREET

The TSX Venture Exchange recovered 6.52 points, or 1.2%, Tuesday to 573.91.

ON WALLSTREET

Futures tied to the Dow Jones Industrial Average rebounded into positive territory Wednesday following the Bank of England’s bond-buying plan to stabilize the falling British pound.

Futures for the 30-stock index recaptured 65 points, or 0.2%, early Wednesday to 29,268.

Futures for the S&P 500 eked up three points, or 0.1%, to 3,664.

Futures for the NASDAQ Composite Index lost 40.25 points, or 0.4%. at 11,293.50.

Shares of Apple were down nearly 4% in pre-market trading after a Bloomberg report, citing people familiar with the matter, said the tech company is ditching plans to increase new iPhone production after demand fell short of expectations.

Biogen soared 45.6% in pre-market trading after Biogen and Japanese partner Eisai said their experimental Alzheimer’s drug dramatically slowed the disease’s progression in a study, reducing cognitive and functional decline by 27%.

Thor Industries gained 3.6% in the pre-market after the recreational vehicle maker reported better-than-expected profit and revenue for its latest quarter. Thor saw particular strength in its motorized RV segment, with a 24.5% gain over the prior year.

Lyft said it would freeze hiring through the end of this year. That follows the ride-hailing company’s previous statement that it would slow hiring “dramatically” as it seeks to cut costs. Lyft slid 2.5% in pre-market trading.

Stock futures pared earlier losses after the Bank of England said it would temporarily purchase long-dated U.K. government bonds in an effort to stabilize the plunging British pound. Sterling briefly popped on the news before trading 0.5% lower against the dollar at $1.0647.

In Japan, the Nikkei 225 collapsed 1.5%, while in Hong Kong, the Hang Seng fell 3.4%.

Oil prices took on a nickel to $78.55 U.S. a barrel.

Gold prices docked 80 cents to $1,648.30 U.S. an ounce.