Canada’s main stock index rose on Wednesday, as upbeat corporate reports and a recovery in oil prices helped offset initial gloom arising from worries over a U.S.-China trade deal.
The TSX Composite Index jumped 57.33 points to greet noon Wednesday at 16,966.71
The Canadian dollar slid 0.01 cents to 75.53 cents U.S.
The largest percentage gainer on the TSX was Home Capital Group, which jumped $3.69, or 12.7%, to $32.69, after the mortgage lender’s third-quarter profit beat estimates.
Home was followed by civil aviation training company CAE Inc, which rose $1.50, or 4.4%, to $35.79, after its second-quarter profit and revenue topped expectations.
Another notable decliner was Canada Goose Holdings, down $6.43, or 12.4%, to $45.35, after it said that revenue from its wholesale business in the third quarter would take a hit due to early shipments to department stores.
ON BAYSTREET
The TSX Venture Exchange dropped 4.71 points at 531.61
Eight of the 12 Toronto subgroups remained in positive country, as gold shone 1.3%, utilities were 1.2% stronger, and consumer staples were 0.9% better.
The four laggards were weighed most by health-care, sinking 0.9%, while energy doffed 0.2%, and consumer discretionary stocks shed 0.1%.
ON WALLSTREET
Stocks were little changed on Wednesday as investors digested mixed news around U.S.-China trade talks along with testimony from the highest-ranking Federal Reserve official.
The Dow Jones Industrial Average regained 37.88 points to 27,729.37.
The S&P 500 reaffirmed 2.62 points to 3,094.46 above Tuesday’s all-time high.
The NASDAQ inched up 3.65 points from Tuesday’s peak to 8,489.74
Disney shares erased earlier losses to trade 0.8% higher on after the media giant said its Disney+ streaming service had more than 10 million sign-ups. Shares of Facebook, Amazon, and Netflix all fell at least 0.7%. Meanwhile, a 0.5% drop in the financials sector offset a 1.4% rise in utilities.
The U.S. and China are reportedly at loggerheads over tariffs as they seek to conclude phase one of their trade deal. The Wall Street Journal reported Tuesday night, citing people familiar with the talks, that the impasse is on whether the U.S. should remove existing tariffs or would only cancel duties that are set to take effect on Dec. 15.
The report comes a day after President Donald Trump told the Economic Club of New York that China was “dying” to make a trade deal. However, Trump offered no detail about how talks have evolved. Trump also blamed previous U.S. administrations for letting China “cheat” on trade.
Meanwhile, Fed Chairman Jerome Powell will address the Congressional Joint Economic Committee later in the day. In prepared remarks, he said the path of Fed interest rates is unlikely to change as long as the economy keeps growing.
On the data front, the U.S. consumer price index rose more than expected in October. The index increased by 0.4% last month, the U.S. Labor Department said. Economists expected a gain of 0.3%.
Prices for the 10-Year U.S. Treasury gained ground, lowering yields to 1.88% from Tuesday’s 1.91%. Treasury prices and yields move in opposite directions
Oil prices added 45 cents to $57.25 U.S. a barrel.
Gold prices acquired $8.80 to $1,463.70 U.S. an ounce.
