Canadian stock futures rose on Wednesday as precious metals gained, with investors awaiting the Bank of Canada's (BoC) interest rate decision.
The TSX fell 239.26 points, or 1.2%, to close Tuesday at 20,275.54
March futures on the S&P/TSX index took on 0.2% Wednesday morning.
The Canadian dollar eked ahead 0.01 cents to 72.72 cents U.S.
Among stocks, U.S. pipeline regulator said it would require TC Energy to reduce operating pressure on more than 1,000 additional miles (1,609 kilometres) of its Keystone pipeline that spilled about 13,000 barrels of oil in rural Kansas in December.
Activist investor Legion Partners Asset Management is pushing for four new directors to join Primo Water Corp's board, arguing they could help its share price triple over five years.
In the economic docket, Statistics Canada reported that, in January, Canada's merchandise exports increased 4.2%, while imports were up 3.1%. As a result, Canada's merchandise trade surplus with the world widened from a revised $1.2 billion in December 2022 to $1.9 billion in January 2023.
The central bank announces its trendsetting rate around 10 a.m. EST.
ON BAYSTREET
The TSX Venture Exchange jettisoned 10.95 points, or 1.7%, Tuesday to 626.81.
ON WALLSTREET
Stock futures were little changed Wednesday, a day after comments from Federal Reserve Chairman Jerome Powell’s indicated that interest rates may need to go higher for longer, spurring broad-based market selloff.
Futures for the Dow Jones Industrials ditched 36 points, or 0.1%, early Wednesday to 32,828.
Futures for the S&P 500 stepped back 4.5 points, or 0.1%, to 3,985.25.
Futures for the NASDAQ Composite fell 11.25 points, or 0.1%, to 12,157.75.
The shakeup in markets came after Powell spoke before the Senate Banking, Housing and Urban Affairs Committee. He cautioned lawmakers that the central bank’s terminal rate will likely be higher than previously anticipated due to stubbornly high economic data in recent weeks.
On Wednesday, investors will be closely watching Powell speak before the House Financial Services Committee. Separately, Richmond Fed President Tom Barkin will also be speaking on the labour market Wednesday morning. January’s job openings and labor turnover data is due, as is the ADP jobs report for February.
A regulatory filing revealed Tuesday evening that Warren Buffett’s Berkshire Hathaway added to its already giant stake in Occidental Petroleum.
Berkshire bought nearly 5.8 million shares of the oil company in separate trades Friday, Monday and Tuesday. The company paid in a range of $59.80 per share to $61.90 per share.
This also marks the first time since September that Berkshire has added to its Occidental stake, bringing it to more than $12 billion, based on Tuesday’s close.
In Japan, the Nikkei 225 index fell 0.5%, while in Hong Kong, the Hang Seng was trampled 2.4%.
Oil prices handed back 36 cents to $77.22 U.S. a barrel.
Gold prices dulled $1.80 to $1,818.20 U.S. an ounce.
