Futures for Canada's main stock index inched higher on Wednesday on gains in oil prices, while investors awaited Bank of Canada's interest rate decision later in the day.
The TSX Composite lost 14.8 points to close Tuesday at 20,806.63, from Friday’s all-time record.
The Canadian dollar lost 0.14 cents Wednesday to 78.94 cents U.S.
September futures edged forward 0.1% Wednesday.
Billionaire Chris Hohn's TCI Fund Management said on Tuesday it intends to nominate directors to replace about half of Canadian National's board after its costly attempts to buy Kansas City Southern were dealt a blow by the U.S. regulator.
Economically speaking, the Bank of Canada will announce its rate decision, if any, this morning (about 10 a.m. EDT). Earlier this summer, the central bank cut its expectations for economic growth this year as it keeps its key interest rate target on hold at 0.25%.
Western University’s IVEY School of Business is out this morning (also about 10 a.m. EDT) with its monthly Purchasing Managers’ Index report for August.
ON BAYSTREET
The TSX Venture Exchange popped 15.52 points, or 1.7%, Friday to 923.22
ON WALLSTREET
Stock futures were flat after the Dow Jones Industrial Average fell more than 200 points in the prior session, as investors reassessed the economic growth outlook following a smooth ride in the market so far this year.
Futures for the blue-chip index dipped 13 points to 35,078
Futures for the S&P 500 docked 1.25 points to 4,518.
Futures for the NASDAQ Composite Index gave back 6.25 points to 15,668.50.
Tuesday, the Dow dropped 260 points, weighed down by 3M and Honeywell, while the tech-heavy NASDAQ rose less than 0.1% to eke out a record close.
Many investors are bracing for more volatility in September, one of the seasonally weakest months of the year. Price swings could make a comeback, especially with the S&P 500 up about 20% this year without a single 5% pullback.
On Wednesday, the U.S. Labor Department will release its closely-watched Job Openings and Labor Turnover Survey. Meanwhile, the Federal Reserve is set to publish its periodic “Beige Book” survey of activity across its 12 districts.
Overseas, in Japan, the Nikkei 225 index increased 0.9% Wednesday, while in Hong Kong, the Hang Seng index ditched 0.1%.
Oil prices gained 99 cents to $69.34 U.S. a barrel.
Gold prices regained $2.40 to $1,800.90 U.S. a pound.
