Stocks in Canada’s biggest centre were on track to open slightly higher on Wednesday, with oil prices hitting their highest levels since mid-2015 as OPEC sticks to its supply deal.
The S&P/TSX Composite Index moved higher 22.81 points to end Tuesday at 16,025.59, another record high
The Canadian dollar nicked up 0.04 cents at 77.6 cents U.S. Wednesday morning.
December futures boosted 0.4% Wednesday morning.
Investors will also focus on Bank of Canada Governor Stephen Poloz, who appears before the Standing Senate Committee on banking, trade and commerce. He will be accompanied by Senior Deputy Governor Carolyn Wilkins.
RBC cut the rating on Barrick Gold to sector perform from outperform
Canaccord Genuity raised the price target on Canadian Western Bank to $35.00 from $33.00
RBC raised the rating on Goldcorp to outperform from sector perform
Canaccord Genuity upped the price target on Laurentian Bank of Canada to $67.00 from $63.00
Canaccord Genuity raised the price target on Toronto-Dominion Bank to $78.00 from $74.00
On the economic beat, Markit Canada is due out with its Manufacturing Purchasing Managers’ Index for October this morning (9:30 a.m. ET)
ON BAYSTREET
The TSX Venture Exchange recovered 0.54 points Tuesday to 784.70
ON WALLSTREET
U.S. stock index futures pointed to a sharply higher open Wednesday, as investors prepared themselves for the latest cluster of corporate earnings ahead of a decision by the U.S. central bank.
Futures for the Dow Jones Industrials flew 129 points, or 0.6%, to 23,454
S&P 500 futures gained 10.25 points, or 0.4%, to 2,583, while futures on the NASDAQ Composite index grew 28.25 points or 0.5% to 6,278.
While a meeting by the U.S. Federal Reserve is expected to be on the minds of investors, a whole host of major brands are also set to publish their latest earnings during the day.
After the bell, Facebook, Kraft Heinz, Qualcomm, Tesla, Shake Shack, Cheesecake Factory, Fitbit and Symantec are also set to issue their latest financial figures.
On the data front, the U.S. private sector added 235,000 jobs in October, according to a report from ADP and Moody's. Economists expected a gain of 200,000 jobs.
U.S. manufacturing Purchasing Managers’ Index is expected at 9:45 a.m. ET; and, at 10 a.m. ET, the manufacturing Institute for Supply Management report on business and construction spending data are due.
On the central bank front, the U.S. Federal Open Market Committee is due to kick-start the second and final day of its regular monetary policy meeting. Investors will be looking out for the FOMC's announcement at 2 p.m. ET, which will include an interest rate decision and commentary on the state of the U.S. economy.
Overseas, Japan’s Nikkei 225 vaulted 1.9%, while in Hong Kong, the Hang Seng Index climbed 1.2%
Oil prices gained 58 cents to $54.96 U.S. per barrel.
Gold prices improved $5.60 to $1,276.10 U.S. an ounce.
