Futures for Canada's main stock index advanced on Wednesday, tracking global stocks that rose on hopes for progress in Russia-Ukraine peace talks, while investors awaited the U.S. Fed's policy outcome.
The S&P/TSX Composite Index emerged on the plus side 7.06 points to conclude business Tuesday at 21,187.84
Futures headed higher 0.4% early Wednesday.
The Canadian dollar picked up 0.41 cents to 78.71 cents U.S.
A story in Tuesday’s Globe and Mail indicates Globalive Capital Inc has offered to buy Shaw Communications’ wireless telecoms unit Freedom Mobile for $3.75 billion in cash.
TD Securities raised the target price on George Weston to $185.00 from $175.00
Scotiabank raised the target on Stelco Holdings price to $56.00 from $48.00
Eight Capital raised the target price on Turquoise Hill Resources to $40.00 from $30.00
Economically speaking, Statistics Canada said wholesale trade grew 4.2% in January to $79.8 billion.
This increase marked the sixth consecutive month of growth for the sector and was driven by strong sales in three subsectors: building material and supplies, personal and household goods, and machinery, equipment and supplies.
The consumer price index rose 5.7% on a year-over-year basis in February, up from a 5.1% gain in January. On a seasonally adjusted monthly basis, the CPI rose 0.6% in February.
ON BAYSTREET
The TSX Venture Exchange squeezed higher 0.76 points to 818.33.
ON WALLSTREET
Stock futures rose Wednesday as traders tried to build on the sharp gains from the previous session, while Wall Street awaited the Federal Reserve’s latest monetary policy decision.
Futures for the Dow Jones Industrials climbed 410 points, or 1.2%, to 33,837.
Futures for the S&P 500 jumped 57.25 or 1.4%, to 4,311.
Futures for the NASDAQ Composite Index screamed higher 262 points, or 2%, to 13,711.50.
Micron Technology was among the best-performing S&P 500 stocks in the premarket, gaining more than 4%. Starbucks shares also climbed 3.5%, while Dow member Boeing advanced 2.3%.
Futures were rallying in part on signs that a ceasefire could be possible in the Russia-Ukraine war.
Ukrainian President Volodymyr Zelenskyy said a peace agreement was beginning to "sound more realistic” in an address to the nation Tuesday.
Russian Foreign Minister Sergey Lavrov told the BBC there was “some hope of reaching a compromise". Russian State media quoting the Kremlin echoed similar sentiments overnight.
The Fed is widely expected to raise rates by a quarter-point, the first hike since 2018. Watchers are also expecting the central bank to offer a new quarterly forecast that could indicate five or six more hikes this year.
The Fed is expected to announce an interest rate decision and economic projections at 2 p.m. EDT on Wednesday, which will followed by a briefing from Federal Reserve Chair Jerome Powell.
Oil prices gathered 16 cents to $96.60 U.S. a barrel.
Gold prices lagged $3.80 to $1,925.90 U.S.
In Asia, the Nikkei 225 index hiked 1.6%, while in Hong Kong, the Hang Seng index popped 9.1%.
Wall St. Tries to Rally for Second Day
