Futures for Canada's main stock index inched lower on Wednesday, ahead of the Bank of Canada's (BOC) monetary policy meeting, while a rise in long-dated government bond yields also pressured equities.
The TSX Composite lost 60.25 points to close Tuesday at 18,986.49.
December futures were down 0.2% early Wednesday.
The Canadian dollar dropped 0.18 cents to 73.05 cents U.S.
On the economic calendar, the Bank of Canada is out this morning (around 10 a.m. EDT) with its rate announcement.
The central bank is expected to hold rates at a 22-year high of 5.0% for at least six months, according to a Reuters poll of economists published on Friday.
In corporate news, Bank of Montreal is exploring the sale of a recreational vehicle loan portfolio, Bloomberg News reported on Tuesday.
ON BAYSTREET
The TSX Venture Exchange regrouped 3.97 points Tuesday to 522.90.
ON WALLSTREET
S&P 500 futures were slightly lower Wednesday morning as investors digested quarterly results from tech giants Microsoft and Alphabet.
Futures for the Dow Jones Industrials gained 48 points, or 0.1%, to 33,317.
Futures for the S&P 500 slid 12.25 points, or 0.3%, at 4,258.75.
Futures for the NASDAQ backed off 76.75 points, or 0.5%, to 14,769.75.
Shares of Microsoft jumped 3.5% following stronger-than-expected results in the fiscal first quarter. Investors were optimistic on the company’s revenue growth, particularly from its Azure cloud segment. Meanwhile, Alphabet shares tumbled more than 6% as its cloud business missed analysts’ estimates, overshadowing its revenue growth and earnings beat.
Boeing will be posting its quarterly results Wednesday before the bell, followed by IBM and Meta in the afternoon. About 25% of S&P 500 companies have posted third-quarter earnings thus far. Of those companies, 78% have exceeded expectations.
During a relatively quiet week for economic data, Wall Street will look toward September’s building permits and new home sales numbers for insight into the housing market.
In Japan, the Nikkei 225 picked up 0.7% Wednesday, while in Hong Kong, the Hang Seng hiked 0.6%
Oil prices settled 24 cents to $85.73 U.S. a barrel.
Gold prices dipped $15.30 to $1,972.50 U.S. an ounce.
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