Stock futures pointed to a higher opening for equity markets in Canada on Wednesday, ahead of the U.S. Federal Reserve's policy decision and after the Bank of Japan announced a policy framework overhaul.
The S&P/TSX Composite gained 25.75 points to close Tuesday at 14,521.98
The Canadian dollar added 0.22 cents at 76.03 cents U.S. early Wednesday.
Canadian Imperial Bank of Commerce, Canada's fifth-biggest lender, has formed a strategic partnership with National Australia Bank and Israel's Bank Leumi to work on new innovations.
New Gold Inc., which has unnerved shareholders this month by revising upward to over $1 billion the estimated cost of a mine it is building, reports its CEO is confident that this will be the last projected increase.
Dundee starts coverage on Bank of Montreal with a neutral rating, and a $91.00 target price
Desjardins cut the target price on Crescent Point Energy to $24.00, with a buy rating
Paradigm Capital raised the target price on Teck Resources to $29 from $23.75, with a buy rating
On the economic calendar, Statistics Canada reported that July wholesale trade rose 0.3% to $56.5 billion in July, a fourth straight gain.
The agency says increases were recorded in five of seven sub-sectors.
ON BAYSTREET
The TSX Venture Exchange inched up 1.53 points Tuesday to 803.21
ON WALLSTREET
U.S. stock futures, European and Asian markets all got a lift from moves by the Bank of Japan to overhaul its monetary policy.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 59 points, or 0.3%, to 18,106, while futures for the S&P 500 progressed 7.25 points, or 0.3%, at 2,138.25. NASDAQ futures moved higher 20.75 points, or 0.4%, at 4,819.25.
Adobe stock is surging in extended trading after the company issued an earnings report that beat analysts' expectations.
It's the same story for FedEx, which also reported quarterly results on Tuesday after the close.
CarMax and General Mills will report ahead of the open. Bed Bath & Beyond will post earnings after the close.
The BOJ took a new, unexpected approach to monetary policy by introducing a long-term interest rate target of around 0% for 10-year Japanese government bonds.
This is its latest attempt to stimulate the country's stagnating economy and pull Japan out of deflation.
All eyes will be on the Federal Reserve's interest rate decision at 2 p.m. ET, followed by Janet Yellen's press conference 30 minutes later.
The Fed has held off on raising interest rates for months in an effort to ensure the U.S. economy is on a solid footing. It raised rates in December 2015 and hasn't made a move since then.
Wall Street sees a very low chance of another hike today, putting the odds of a rate increase at just 12%,
Oil prices could be volatile today as the U.S. Energy Information Administration reports weekly crude oil inventory data at 10:30 a.m. Traders react quickly when the data shows an unexpected rise or fall in inventories.
For now, oil prices have hiked 94 cents to $44.99 U.S. a barrel
Gold prices took on $10.30 to $1,328.50 U.S. an ounce.
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