Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as oil prices rose after industry data showed a larger-than-expected drawdown in U.S. crude stockpiles.
The S&P/TSX Composite Index gained 10.52 points to conclude Tuesday at 16,114.03
The Canadian dollar improved 0.06 cents to 77.76 cents U.S. Wednesday morning.
December futures rose 0.1% Wednesday.
The Ontario Securities Commission on Tuesday scheduled a hearing on CanniMed Therapeutics' request to intervene in a hostile takeover bid by bigger rival Aurora Cannabis Inc on Dec. 20.
Opponents of TransCanada Corp's proposed Keystone XL oil pipeline argued on Tuesday that regulators in Nebraska had no authority to approve the line's "alternative" path through the state and that the project should be considered dead.
TD Securities raised the target price on MTY Food Group to $49.00 from $46.00
RBC cut the target price on Advantage Oil & Gas to $8.00 from $9.00 with a sector perform rating
Credit Suisse initiated coverage on Stelco Holdings with an outperform rating and a $24.00 target price
ON BAYSTREET
The TSX Venture Exchange gained 6.35 points Tuesday to 797.71
ON WALLSTREET
U.S. stock index futures are set for a relatively flat open on Wednesday as a monetary policy decision from the Federal Reserve looms.
Futures for the Dow Jones Industrials gained 12 points, or 0.1%, to 24,554
S&P 500 futures were unchanged at 2,667.75, while futures on the NASDAQ Composite index were up six points, or 0.1%, to 6,409
In earnings, Nordson, ABM Industries and Pier 1 Imports are all set to report after the bell. Consumer price index (CPI) figures were set to be released at 8:30 a.m. ET.
While politics and individual stock news may move markets somewhat during today's session, investors will be placing most of their attention on a rate decision and policy announcements by the U.S. Federal Reserve, all due out at 2 p.m. ET.
Market-watchers expect the U.S. central bank to raise rates for one last time this year during its December meeting, after it announced in October that despite inflation, a rate hike was all but certain.
Elsewhere, investors will be paying close attention to the latest moves in Bitcoin, after it launched on the Cboe Futures Exchange last weekend.
Overseas, European stocks treaded water toward noon local time, while Japan’s Nikkei 225 settled 0.5%. In Hong Kong, the Hang Seng Index soared 1.5%
Oil prices gained 53 cents to $57.67 U.S. per barrel.
Gold prices increased $1.30 to $1,243.00 U.S. an ounce.
