Futures for Canada's main stock index were flat on Wednesday, mirroring tepid risk appetite in U.S. peers, as investors remained on the sidelines ahead of the Federal Reserve's last interest rate decision of the year.
The TSX Composite eked up 3.76 points to close Tuesday at 20,023.46.
December futures on the S&P/TSX index were subdued Wednesday morning.
The Canadian dollar fell 0.08 cents to 73.69 cents U.S.
Anxious traders will be hoping for a quick verdict as a 20-month-old M&A battle between Canada's competition bureau, Rogers Communications and Shaw Communications draws to a close.
On the research front, CIBC cut Canadian National Railway to "neutral" from "outperform".
On the economic scoreboard, Statistics Canada reported manufacturing sales improved 2.8% in October, mainly on higher sales in the petroleum and coal, food and chemical products industries.
ON BAYSTREET
The TSX Venture Exchange clung to gains of 0.38 points Tuesday to 574.27.
ON WALLSTREET
Stock futures were little changed Wednesday as investors awaited the Federal Reserve’s latest interest rate hike decision in its effort to crush inflation.
Futures for the Dow Jones Industrials subsided 16 points, or 0.1%, early Wednesday to 34,372.
Futures for the S&P 500 slid 3.75 points, or 0.1%, to 4,051.
Futures for the NASDAQ Composite skidded 13.75 points, or 0.1%, to 11,945.
The Fed will conclude its December meeting and is expected to deliver a 50-basis-point rate hike. That’s a smaller bump after four consecutive 75-basis-point hikes. A basis point is equal to one-100th of 1%.
Chair Jerome Powell will also speak Wednesday, giving further clues about what’s coming from the Fed in 2023. In previous meetings this year, traders have been sensitive to Powell’s language, interpreting his tone as hawkish or dovish.
Delta Air Lines jumped 3.8% in the premarket after the airline raised its current quarter forecast and issued an upbeat 2023 outlook, citing robust travel demand.
Goldman Sachs cut its price target for Tesla to $235 per share from $305, citing softer demand. Tesla shares are down about 40% since the end of September, and briefly dipped below $500 billion in market value Tuesday.
In Japan, the Nikkei 225 sprinted 0.7% Wednesday, while in Hong Kong, the Hang Seng Index improved 0.4%.
Oil prices climbed 33 cents to $75.72 U.S. a barrel.
Gold prices sank $7.30 to $1,818.20 U.S. an ounce.
