Futures for Canada’s main stock index fell on Wednesday after U.S. President Donald Trump threatened to “substantially” increase tariffs if China failed to sign a trade deal.
The TSX Composite Index remained 26.62 points higher to close Tuesday at 16,909.38
The Canadian dollar slipped 0.15 cents to 75.40 cents U.S. early Wednesday
December futures sank 0.2% early Wednesday.
Loblaw Cos Ltd reported better-than-expected quarterly profit on Wednesday, as consumers shopped more at its pharmacies and food stores.
Canada Goose Holdings reported quarterly earnings above Wall Street estimates on Wednesday, lifted by higher orders from department stores for its parkas and jackets.
Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s biggest state pension investors, plans to potentially double its allocation to infrastructure to as much as 15% over the next four years.
First Cobalt Corp is in advanced talks with Canada’s Ontario province to finance the $37.5 million required to restart its idled cobalt refinery.
Cronos Group and Tilray both reported selling prices that nearly halved, while expenses for both the Canadian pot producers soared in the third quarter.
What’s more, Canaccord Genuity has cut target price on Cronos to $12.00 from $13.00
CIBC raised the target price on Kinaxis to $110.00 from $108.00
Canaccord Genuity cut the target price on Terago to $12.00 from $12.50
ON BAYSTREET
The TSX Venture Exchange gained 1.72 points Tuesday at 536.32
ON WALLSTREET
U.S. stock index futures were lower Wednesday as investors looked ahead to testimony from the highest-ranking Federal Reserve official while digesting mixed news around U.S.-China trade talks.
Futures for the Dow Jones Industrials slid 96 points, or 0.4%, early Wednesday to 27,567.
Futures for the S&P 500 dipped 10.75 points, or 0.4%, at 3,081.25
The NASDAQ Composite lost 34.25 points, or 0.4%, to 8,240.75.
Cisco Systems and NetApp are among the firms scheduled to release earnings.
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 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.
On the data front, there will be CPI numbers at 8:30 a.m. ET and Federal Budget figures released at 2 p.m. ET.
Fed Chair Jerome Powell said will address the Congressional Joint Economic Committee later in the day. Powell’s testimony comes after the Fed cut rates in October for the third time this year. After that meeting, Powell raised the bar for further cuts, but hinted the Fed was a long way off from raising rates.
Overseas, in Japan, the Nikkei 225 lost 0.9% Wednesday, while in Hong Kong, the Hang Seng Index let go of 1.8%.
Oil prices retreated 17 cents to $56.63 U.S. a barrel.
Gold prices gained $10.40 to $1,464.10 U.S. an ounce.
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