Canada's resources-heavy main stock index was set to open firmer on Wednesday, supported by higher gold prices, with investors awaiting an interest rate hike from the U.S. Federal Reserve
The S&P/TSX reversed 198.44 points, or 1%, to close out Tuesday 19,544.12.
June futures rose 0.4% Wednesday.
The Canadian dollar progressed 0.1 cents to 77.35 cents U.S.
Manulife Financial says its Asia unit is on track to account for half of the insurer's core earnings by 2025, despite economic slowdowns and impact of COVID-19 to its key markets.
CIBC raises target price on Advantage Energy to $14.00 from $11.00
CIBC cut the rating on Freehold Royalties to neutral from outperform
CIBC cut the rating on Guru Organic Energy to neutral from outperform
On the economic front, housing starts in Canada jumped by 8% over a month earlier to 287,257 units in May of 2022, well above market expectations of 252,600 units, according to the Canada Mortgage and Housing Corporation.
The Canadian Real Estate Association is set to reveal MLS sales, also for May.
ON BAYSTREET
Stock futures rose in early morning trading on Wednesday as investors anxiously awaited the Federal Reserve’s aggressive action to tame surging inflation.
The TSX Venture Exchange was clobbered 21.53 points, or 3.2%, Tuesday to 650.37.
ON WALLSTREET
Futures for the Dow Jones Industrials gained 216 points, or 0.7%, early Wednesday to 30,571.
Futures for the S&P 500 hiked 34.25 points, or 0.9%, to 3,774.50.
Futures for the NASDAQ Composite index leaped 133.25 points, or 1.2%, to 11,479.25.
The rate-setting Federal Open Market Committee will conclude its two-day meeting on Wednesday.
The market is betting on a more than 95% chance of a 75-basis-point rate hike, the biggest increase since 1994.
The shift to price in a larger-than-usual rate hike came after headlines that Fed officials were contemplating such a move following a surprisingly hot inflation reading as well as worsening economic outlook.
In Japan, the Nikkei 225 faded 1.1% Wednesday. In Hong Kong, the Hang Seng gained 1.1%
Oil prices descended 55 cents to $118.38 U.S. a barrel.
Gold prices popped $21.30 to $1,834.40 U.S. an ounce.
