Stock markets in Canada’s largest centre aimed upward early Wednesday, as speculation was on the rise that the Bank of Canada could join its international brethren in lowering interest rates before the morning was out.
The TSX Composite Index ended in minus country by 129.64 points to conclude Tuesday at 16,423.62
The Canadian dollar gained 0.14 cents early Wednesday to 74.78 cents U.S.
March futures soared 1.6% early Wednesday.
Canadian National Railway’s CEO says the carrier lost capacity equivalent to 10,000 carloads, or one million tonnes of grain exports, in February due to rail blockades by protesters opposed to a pipeline project.
JPMorgan cut the rating on Cenovus Energy to neutral from overweight
CIBC cut the target price on Pinnacle Renewable Energy to $10.00 from $11.00
CIBC cuts target price on Winpak to $49.00 from $55.00
The rate decision is set for 10 a.m. EST. Given the spread of the virus, and its effects on economies worldwide, more economists are expressing the opinion that a rate cut is in the offing.
ON BAYSTREET
The TSX Venture Exchange ended Tuesday positive 3.89 points to 517.17.
ON WALLSTREET
U.S. stock index futures pointed to a sharply higher open on Wednesday as results on Super Tuesday showed former Vice President Joe Biden notching key wins and reassuring investors of his place amid the top candidates in the Democratic pool.
Futures for the Dow Jones Industrials ramped up 540 points, or 2.1%, early Wednesday to 25,527.
Futures for the S&P 500 jumped 51.25 points, or 1.7%, at 3,048.25.
Futures for the NASDAQ Composite soared 156.50 points, on 1.8%, to 8,739.
Biden’s success early into Super Tuesday voting appeared to buoy U.S. equity futures as the former vice president notched a flurry of victories in key southern states including Virginia, North Carolina, and Arkansas.
So far, some media outlets project Biden’s delegate total at 453, ahead of Vermont Sen. Bernie Sanders’ total of 373. To win the nomination, a Democratic candidate must receive support from a majority of pledged delegates — at least 1,991 of the total 3,979 pledged delegates.
One analyst wrote that if Biden proves he could pose a serious threat to Sanders on Super Tuesday, industries that have come under pressure throughout the Vermont senator’s recent rise (e.g., health care) may see positive moves on Wednesday.
Biden’s outperformance also appeared to boost stocks of health-care companies like UnitedHealth, one of the largest health insurers in the United States and whose equity is sometimes viewed as a bellwether during political debates around the industry.
The stock rose more than 4% in extended trading Tuesday night.
Overseas, in Japan, the Nikkei 225 inched up 0.1% Wednesday, while in Hong Kong, the Hang Seng Index eased back 0.2%.
Oil prices gained 63 cents to $47.81 U.S. a barrel.
Gold prices hiked $2.40 to $1,646.80 U.S. an ounce.
Related Stories
