Stock indexes in Canada were set to follow global markets lower on Wednesday, a day after strong U.S. inflation data renewed expectations of an interest rate hike by the U.S. Federal Reserve within months.
The S&P/TSX Composite Index added 23.61 points to close Tuesday at 13,917.10, with June futures down 0.2%.
The Canadian dollar dropped 0.36 cents, to 77.10 early Wednesday
CIBC raised the target price on Alacer Gold to $3.25 from $2.75
CIBC raised the target price on Bank of Montreal to $84.00 from $79.00
CIBC raised the price target on Bank of Nova Scotia to $65.00 from $61.00
On the economic slate, Statistics Canada reported that foreign investment in Canadian securities strengthened for a third straight month to reach $17.2 billion in March. Foreign acquisitions were mainly composed of securities issued by Canadian private corporations. Meanwhile, Canadian investment in foreign securities amounted to $2.3 billion and was led by U.S. corporate instruments.
ON BAYSTREET
The TSX Venture Exchange eased 0.24 points Tuesday to 686.17
ON WALLSTREET
U.S. stock futures are not making any major moves ahead of the open.
Ahead of the opening bell, futures for the Dow Jones Industrials faded 39 points, or 0.2%, to 17,450, while futures for the S&P 500 dropped 3.75 points, or 0.2%, to 2,039.75. NASDAQ futures slipped 6.25 points, or 0.1%, to 4,313.25.
A range of big-name U.S. companies are reporting earnings, starting with Staples, Target, Hormel Foods, Lowe's and Booz Allen Hamilton before the opening bell.
American Eagle, Cisco Systems, Salesforce.com, Urban Outfitters and Victoria's Secret parent company L Brands will report after markets close.
Minutes from the latest Federal Open Market Committee meeting will be released at 2 p.m. ET.
The minutes will offer a peek inside the central bank's thinking, and investors will be looking for any hints about a potential June rate hike.
Europe is in the red following a tough trading day in Asia.
Oil prices gained five cents to $48.36 U.S. a barrel
Gold prices slid $7.19 to $1,271.36 U.S. an ounce.
