Canada's main stock index futures edged higher on Wednesday, supported by a climb in gold prices as cautious investors remained wary of riskier assets.
The S&P/TSX Composite plummeted 122.17 points, or 1.6%, to close Tuesday
The Canadian dollar slipped 0.16 cents to 75.14 cents U.S. early Wednesday
September futures leaped 0.3% Wednesday.
Alamos Gold’s CEO has told the media the company has pre-paid for the reforestation at its mine project in western Turkey amid growing criticism, adding that it was impossible for cyanide to leak into the environment as protesters fear.
Credit Suisse raised the price target on Endeavour Mining to $33.00 from $32.00
RBC cut the price target on Guyana Goldfields to $1.50 from $1.75
CIBC cut the price target on Western Forest Products to $1.50 from $1.75
On the economic front, Western University’s Ivey Purchasing Managers Index for July is due out Wednesday (around 10 a.m. ET)
ON BAYSTREET
The TSX Venture Exchange slipped 1.05 points Tuesday to 594.69
ON WALLSTREET
U.S. stock index futures rolled over on Wednesday as the ongoing trade war sparked fears of a global economic slowdown and drove investors away from riskier assets and into traditional safe havens like gold and bonds.
Futures for the Dow Jones Industrials plunged 141 points, or 0.5%, to 25,783
Futures for the S&P 500 slid 13.75 points, or 0.5%, at 2,862.25
NASDAQ futures dipped 34.5 points, or 0.5%, to 7,481
Gains were capped as Disney shares slid on weaker-than-expected results for the previous quarter. Disney’s results were weighed down by increasing losses in streaming services such as Hulu, ESPN+ and Disney+. The media giant also blamed the integration of Fox’s entertainment assets for the weak numbers.
Earlier, signs that China is stepping in to steady the yuan appeared to help soothe investor concerns of a global currency war on Wednesday. It comes after a period of heavy selling pressure at the start of the week.
The People’s Bank of China (PBOC) set the official midpoint reference for yuan at 6.9996 on Wednesday, just a hair away from the psychologically important seven-per-U.S.-dollar level. The latest yuan fixing was slightly weaker-than-expected, keeping markets nervous about its intentions.
Overseas, in Japan, the Nikkei 225 index slumped 0.3% Wednesday, while in the Hong Kong, the Hang Seng index inched forward 0.1%,
Oil prices sank 91 cents to $52.72 U.S. a barrel.
Gold prices hiked $25.60 to $1,509.80 U.S. an ounce.
