Canada’s main stock index futures were slightly higher on Wednesday following inflation data just released.
The TSX Composite Index inched up but 3.23 points to conclude Tuesday at 16,418.39
The Canadian dollar dipped 0.03 at 75.73 cents U.S. early Wednesday
December futures nicked up 0.1% early Wednesday.
CIBC cut the target price Aphria to $6.50 from $7.00
National Bank of Canada raised the target price on Gildan Activewear to $55.00 from $54.00
On matters macroeconomic, Statistics Canada’s Consumer Price Index rose 1.9% on a year-over-year basis in September, matching the increase in August. On a seasonally adjusted monthly basis, the CPI fell 0.1% in September.
The agency also reported that foreign investors acquired $5.0 billion of Canadian securities in August, following two months of divestment.
At the same time, Canadian investors reduced their holdings of foreign securities by $4.7 billion, the largest divestment since January
ON BAYSTREET
The TSX Venture Exchange edged up 0.43 points Tuesday to 541.19
ON WALLSTREET
U.S. stock index futures were slightly lower Wednesday as sentiment was dampened by persistent trade war fears while the corporate earnings season gained steam.
Futures for the Dow Jones Industrials moved lower by 40 points, or 0.2%, early Wednesday at 26,962
Futures for the S&P 500 fell 4.75 points, or 0.2%, at 2,992.50
NASDAQ Composite futures dropped 19.25 points, or 0.2%, to 7,940.50
Bank of America reported Wednesday better-than-expected earnings and revenue for the third quarter, sending its stock up more than 2% in the pre-market. The company’s consumer and banking businesses helped offset slumping trading revenues.
United Airlines, meanwhile, rose more than 1% on earnings that topped analyst expectations. The airline also raised its full-year earnings guidance.
Bank of New York Mellon also climbed 1.2% as its quarterly numbers beat Wall Street estimates.
On the data front, retail sales for September and a business leaders survey for October was released this morning. Business inventories for August and the latest monthly survey from the National Association of Home Builders will follow slightly later in the session.
The Wall Street Journal reported there are questions about how much more in U.S. agricultural products China will actually buy and for how long. These worries come even after China and the U.S. agreed last week to the first phase of a broader trade deal.
Meanwhile, Bloomberg News said China wants U.S. tariffs on Chinese goods rolled back before moving forward with the purchases. These trade-related concerns overshadowed the release of strong quarterly results.
Investors also cheered positive developments around Brexit.
Officials and diplomats said that differences over the terms of the U.K.’s split from the European Union had narrowed significantly on Tuesday. A crucial two-day summit of EU leaders begins in Brussels on Thursday. It is the last such meeting currently scheduled before the fast-approaching Brexit deadline.
The world’s fifth-largest economy is due to leave the EU on October 31 and Prime Minister Boris Johnson has repeatedly insisted he will not request another delay.
Overseas, in Japan, the Nikkei 225 gained 1.2% Wednesday, while in Hong Kong, the Hang Seng Index advanced 0.6%.
Oil prices gained 21 cents to $53.02 U.S. a barrel.
Gold prices improved $1.30 to $1,484.80 U.S. an ounce.
