Stock futures for Canada's main stock index were little changed on Wednesday ahead of U.S. Federal Reserve's monetary policy decision, where central bankers are expected to cut interest rates for the first time in more than a decade.
The S&P/TSX Composite dropped 26.12 points to end Tuesday to 16,466.05
The Canadian dollar edged 0.02 cents higher to 76.07 cents U.S. early Tuesday
September futures were up 0.03% Wednesday.
The Trump administration said on Tuesday it would lift an Obama-era restriction on the world's biggest undeveloped gold and copper resource owned by Northern Dynasty Minerals.
Ontario Power Generation said on Tuesday its unit had entered a deal with affiliates of pipeline company TC Energy to buy three natural gas-fired plants in Ontario for about $2.87 billion.
U.S. Vice President Mike Pence on Tuesday said that a new U.S.-Mexico-Canada trade deal needs to be approved without delay, but Democrats and organized labour said certain provisions must first be improved.
RBC raised the target price on Air Canada to $57.00 from $48.00
CIBC raised the target price on Equitable Group to $100.00 from $97.00
CIBC raised the target price on Genworth MI Canada to $48.00 from $46.00
On the economic front, Statistics Canada reported that gross domestic product was up for a third consecutive month in May, rising 0.2%.
The increase was led by a rebound in manufacturing with 13 out of 20 industrial sectors expanding.
The agency’s industrial product price index was down 1.4% in June, driven primarily by lower prices for energy and petroleum products.
Its raw materials price index decreased 5.9% in the same month, mainly due to lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange recovered 2.71 points Tuesday to 593.83
ON WALLSTREET
U.S. stock index futures rose on Wednesday as Wall Street cheered strong quarterly results from tech giant Apple while awaiting the Federal Reserve’s latest monetary policy decision.
Futures for the Dow Jones Industrials added 65 points, or 0.2%, to 27,229.
Futures for the S&P 500 acquired 5.25 points, or 0.2%, at 3,017.50
NASDAQ futures hiked 29 points, or 0.4%, to 7,993.50
Apple reported Tuesday evening earnings per share and revenue for the previous quarter that topped analyst expectations, sending the stock up more than 4% in the pre-market. The company also issued better-than-expected revenue guidance for the fourth quarter.
General Electric shares also rose 4% before the bell as earnings bested projections. The company’s outlook for industrial cash flow also topped estimates.
Nearly 60% of S&P 500 companies have reported earnings so far. Of those companies, 76% have posted stronger-than-forecast quarterly profits.
The U.S. central bank is widely expected to cut interest rates for the first time since the financial crisis more than a decade ago. Market expectations point to a quarter-point rate cut.
The Fed is set to deliver its decision at 2 p.m. ET, with Chairman Jerome Powell scheduled to hold a press conference at 2:30 p.m. ET.
On the data front, ADP payrolls for July will be released before the opening bell. Employment cost index figures for the second quarter and Chicago Purchasing Manager Index data for July will follow slightly later in the session.
Overseas, in Japan, the Nikkei 225 index faltered 0.9% Tuesday, while in the Hong Kong, the Hang Seng index let go of 1.3%,
Oil prices moved upwards 44 cents to $58.49 U.S. a barrel.
Gold prices added $1.70 to $1,437.50 U.S. an ounce.
Related Stories
