Futures on Canada’s main stock market rose on Wednesday, helped by gains in oil prices due to a sharp drop in U.S. crude inventories.
The S&P/TSX Composite Index barreled ahead 269.04 points, or 1.7%, to close Tuesday at 15,908.45.
September futures climbed 0.6% Wednesday.
The Canadian dollar added 0.19 cents Wednesday to 73.72 cents U.S.
Canada on Tuesday said it would make it easier for foreign students to study online from abroad and to qualify for a work permit after graduation amid strict border closures to curb the spread of COVID-19.
Elanco Animal Health has decided against acquiring Bayer AG's Canadian distribution rights to several poultry insecticides, Canada's Competition Bureau said on Tuesday, as it looks to complete a $7.6-billion deal.
CIBC raised the target price on Hudbay Minerals to $5.00 from $3.50.
CIBC raises target price on Ivanhoe Mines to $4.50 from $2.80.
On the economic docket, Statistics Canada reported manufacturing sales increased 10.7% to $40.2 billion in May following a record 27.9% decline in April, as many manufacturers resumed operations following full or partial shutdowns related to COVID-19 during the previous month.
The Bank of Canada makes its interest rate announcement around 10 this morning.
Elsewhere on the economic ledger, the Canadian Real Estate Association is to report MLS sales for June.
ON BAYSTREET
The TSX Venture Exchange fell 3.94 points Monday to 662.55.
ON WALLSTREET
Stock futures jumped Wednesday after drug developer Moderna said its coronavirus vaccine produced antibodies in all patients in an early trial, raising hopes for a faster economic recovery.
Futures for Dow Jones Industrials screamed higher 534 points, or 2%, early Wednesday, to 27,025.
Futures for the S&P 500 gained 44 points, or 1.4%, at 3,227.50.
Futures for the NASDAQ hiked 65.25 points, or 0.6%, to 10,711.50.
Sentiment was also lifted by blowout quarterly numbers from Goldman Sachs, which sent the stock up more than 4%. The company’s results were driven by a 93% surge in trading revenue.
Earnings from big banks so far have been mixed. JPMorgan Chase reported better-than-expected quarterly results on the back of a massive surge in trading revenue. Wells Fargo suffered a $2.4-billion loss and slashed its dividend to 10 cents per share.
Moderna’s potential vaccine to prevent COVID-19 produced a “robust” immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial, according to newly released data published Tuesday evening in the peer-reviewed New England Journal of Medicine.
Shares of Moderna surged 15% in pre-market trading. Stocks directly tied to an economic reopening jumped following the vaccine news. American Airlines, United Airlines, Royal Caribbean Cruise Lines all popped more than 7% each in premarket trading.
Meanwhile, tensions between the U.S. and China continue to rise. President Donald Trump said Tuesday that he signed legislation to impose sanctions on China in response to its interference with Hong Kong’s autonomy.
Overseas, in Tokyo, the Nikkei 225 gained 1.6% Wednesday, while in Hong Kong, the Hang Seng index added more than three points.
Oil prices spiked 63 cents to $40.92 U.S. a barrel.
Gold prices fell $5.20 to $1,808.20.
