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Futures Rise on Rate Cut Talk

Enbridge, Scotiabank in Focus

Futures tied to Canada's resources-heavy main stock index rose on Wednesday, tracking gains in their U.S. counterparts on growing hopes of interest rate cuts next year, with higher crude oil prices giving a further uplift.

The TSX Composite hung onto gains of 4.11 points to close Tuesday at 20,036.77.

December futures were up 0.2% early Wednesday.

The Canadian dollar edged back 0.08 cents to 73.65 cents U.S.

Among individual stocks, Enbridge forecast higher 2024 core earnings as the pipeline operator bets on higher demand to lift volumes transported across its network.

Bank of Nova Scotia has asked an advocacy group to end a campaign demanding the Canadian lender divest from Israel-based weapons manufacturer Elbit Systems, according to an e-mail seen by Reuters.


The TSX Venture Exchange climbed 10.66 points, or 2%, Tuesday to 540.24.


Stock futures ticked up on Wednesday, as investors held out hope that the Federal Reserve is done raising benchmark interest rates. Traders also tried to build on already strong gains for the month.

Futures for the Dow Jones Industrials jumped 119 points, or 0.3%, to 35,564.

Futures for the S&P 500 hiked 23 points, or 0.5%, at 4,586.

Futures for the NASDAQ leaped 105.75 points, or 0.7%, to 16,153.75.

General Motors shares popped more than 7.2% in early morning trading after the company announced a $10-billion buyback. The automaker also raised its dividend and reinstated its guidance.

On Wednesday, traders will have an eye out for second preliminary gross domestic product data for the third quarter, as well as the wholesale inventories report for October. On the earnings front, Hormel Foods and Dollar Tree are expected to issue quarterly results before the opening bell. Salesforce will post earnings after the close.

In Japan, the Nikkei 225 dipped 0.3%, while in Hong Kong, the Hang Seng Index flopped 2.1%.

Oil prices hiked $1.30 to $77.71 U.S. a barrel.

Gold prices brightened $1.60 to $2,041.60 U.S. an ounce.