Futures for Canada's main stock index fell on Wednesday, as oil prices slipped on concerns over global economic growth amid ongoing U.S.-China trade dispute.
The S&P/TSX Composite Index was negative 63.27 points to finish trading Tuesday at 16,188.10
The Canadian dollar dipped 0.04 cents to 75.01 cents U.S. early Wednesday
June futures waned 0.2% Wednesday.
Alimentation Couche-Tard's quarterly profit fell short of analysts' estimates on Tuesday as higher costs offset a rise in fuel sales. RBC cut its price target on the stock to $85.00 from $86.00
Canaccord Genuity raises rating on Ensign Energy Services to buy from hold
CIBC cut the price target on Westshore Terminals Investment to $22.00 from $27.00
As part of Tuesday’s federal budget, Finance Minister Bill Morneau said Canada will create a national drug agency to help cut the cost of prescription medications as part of a plan to broaden the state-funded healthcare programme.
Moreover, the government will issue nearly 20% more bonds in the coming fiscal year to help the Liberal government fund its spending programmes, ahead of an October election.
ON BAYSTREET
The TSX Venture Exchange gained 3.48 points Tuesday to 636.07
ON WALLSTREET
U.S. stock index futures barely moved on Wednesday as shares of FedEx fell while investors awaited a policy decision by the Federal Reserve.
Futures for the Dow Jones Industrial Average inched higher 24 points, or 0.1%, at 25,930
Futures for the S&P 500 eked up 1.75 points, or 0.1%, at 2,838.25
NASDAQ futures picked up 6.25 points, or 0.1%, to 7,382.75
FedEx shares fell more than 6.5% after CFO Alan Graf warned in the company's quarterly report that "slowing international macroeconomic conditions and weaker global trade growth trends continue, as seen in the year-over-year decline in our FedEx Express international revenue."
That warning was followed by UBS CEO Sergio Ermotti saying this is one of the worst first-quarter environments ever as investment banking revenue falls about a third from the year-earlier period. Meanwhile, German auto maker BMW said its earnings could fall significantly in 2019 and added it will cut $13.6 billion in costs.
These negative comments come as the U.S. central bank is widely expected to keep rates steady later in the session, with investors monitoring a decision on the Fed's rate projections for the next few years.
Concerns over global growth and U.S.-China trade talks were also renewed to keep stock gains subdued.
General Mills and Micron Technology are among the companies out with earnings reports Wednesday.
Overseas, in Japan, the Nikkei 225 gained 0.2% Wednesday, while in Hong Kong, the Hang Seng Index slid 0.5%
Oil prices dived 50 cents to $58.53 U.S. a barrel.
Gold prices sank $1.10 to $1,305.40 U.S. an ounce.
