(CORRECTION: Clarifies stocks began trading "Wednesday" in Toronto)
Equities opened higher on Wednesday in Canada’s largest market, as data showed the domestic economy grew in October, spurring hopes for a quicker economic recovery, while gains in energy stocks further lifted sentiment.
The TSX gained 68.42 points to start Wednesday's session at 17,620.88.
The Canadian dollar regained 0.27 cents to 77.83 cents U.S.
Canada rejected Shandong Gold Mining's bid for indebted TMAC
Resources, amid concerns over a Chinese state-owned entity operating in the country's sensitive Arctic region.
Still with TMAC, TD Securities raised its rating to hold from tender.
Turquoise Hill Resources said on Tuesday it intended to pursue "gold streaming" and medium-term debt offering transactions for its Oyu Tolgoi copper and gold project in Mongolia.
TD Securities cut the rating on Genworth MI Canada to tender from hold.
RBC raised the rating on Western Forest Products to outperform from sector perform.
Concerning things macroeconomic, Statistics Canada reported this country’s gross domestic product grew 0.4% in October as 16 of 20 industrial sectors were up in the month.
ON BAYSTREET
The TSX Venture Exchange leaped 9.69 points, or 1.2%, to 839.66
Eight of the 12 TSX subgroups made headway in the first hour, with energy picking up 2.6%, consumer discretionary ahead 2%, and materials, up 1.1%.
The four laggards were weighed most by information technology, swooning 2.1%, health-care, ailing 1%, and consumer staples, off 0.2%.
ON WALLSTREET
U.S. stocks edged higher on Wednesday even after President Donald Trump criticized the new COVID-19 relief package, a move that could delay the deployment of funds to struggling Americans.
The Dow Jones Industrials restored 158.47 points to began the last full session before Christmas at 30,173.98
The S&P 500 regained 13.95 points to 3,701.21. Cyclical sectors — pockets of the market most sensitive to an economic recovery — led the gains. Energy and financials were the two best-performing groups, rising more than 1% each. Materials and industrials were also up.
The S&P 500 was coming off its third straight day of losses after its recent rally to record highs. Some investors started taking profits after an unexpected year of solid gains. The broad equity benchmark is up more than 14% with only six trading days left in 2020.
The NASDAQ dropped 8.11 points from Tuesday’s all-time record to 12,799.81, as tech heavyweights Amazon and Microsoft dipped.
Late on Tuesday, Trump called the new $900-billion COVID relief package an unsuitable "disgrace" and admonished lawmakers to alter the bill’s content, especially the amount allocated for direct payments to Americans.
Trump did not threaten to veto the legislation but he asked to be sent a "suitable bill or else the next administration will have to deliver a
COVID relief package."
Travel-related stocks, which sold off earlier this week, rebounded as concerns about a new coronavirus strain from the U.K. eased. United Airlines and Delta climbed more than 2% each, while Carnival jumped over 4%. Norwegian also traded 3.7% higher. Health experts said the vaccines in production would be effective against the new variant.
On Wednesday, Pfizer and BioNTech announced a second deal with the U.S. government to supply an additional 100 million doses of their jointly-developed COVID-19 vaccine. The deal brings the total number of doses to 200 million, which will be delivered to the U.S. by the end of July next year.
On the data front, U.S. jobless claims totaled 803,000 during the week ending Dec. 19, better than an estimate of 888,000 according to economists polled by Dow Jones. However, core durable goods and personal income both fell short of expectations in November.
Prices for the 10-Year Treasury lost sharply, raising yields to 0.96% from Tuesday’s 0.92%. Treasury prices and yields move in opposite directions.
Oil prices restored 55 cents to $47.57 U.S. a barrel.
Gold prices regained $7.10 to $1,877.40.
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