Futures pointed to a lower opening for Canada's main stock index on Wednesday as economic worries and rising production hurt oil prices.
The S&P/TSX Composite Index shot higher 100.86 points, to close 2018 at 14,322.86
The Canadian dollar dropped 0.07 cents at 73.31 U.S. early Wednesday
March futures descended 1.4% Wednesday.
Chinese gold miner Zijin Mining Group said it plans to sell up to eight billion yuan worth of new shares in Shanghai to help fund its purchase of Nevsun Resources Ltd.
CIBC cut the price target on Canadian National Railway to $118.00 from $120.00
CIBC cut the price target on Cargojet to $90.00 from $93.00
CIBC cut the price target on Linamar to $68.00 from $71.00
ON BAYSTREET
The TSX Venture Exchange moved higher 5.11 points Monday to 557.20
ON WALLSTREET
U.S. stock index futures fell sharply on Wednesday, the first trading day of the New Year, as disappointing economic data from China hampered global risk appetite.
Futures for the Dow Jones Industrial Average surrendered 359 points, or 1.5%, to 22,909
Futures for the S&P 500 cast aside 40 points, or 1.6%, to 2,465.25,
NASDAQ futures settled 136.25 points, or 2.2%, to 6,197.
Despite solid gains on Monday, the S&P 500 was down 6.2% and Dow Jones Industrial Average declined 5.6%, for 2018. Both indexes posted their biggest annual losses since 2008, when they plunged 38.5% and 33.8%, respectively. The NASDAQ Composite lost 3.9% in 2018, its worst year in a decade, when it dropped 40%.
Shares of tech-related companies were among the worst performers in the pre-market. Netflix’s stock dropped 2.9% after an analyst at SunTrust Robinson Humphrey said subscriber growth — a key metric for the company — fell short of expectations in the fourth quarter. Chipmakers Nvidia and Advanced Micro Devices both dropped more than 2.5% while Micron’s stock pulled back more than 3%.
The moves in pre-market trade come after a private sector survey showed manufacturing activity in the world’s second-largest economy contracted for the first time in 19 months. China’s Markit Manufacturing Purchasing Managers’ Index (PMI) for December dipped to 49.7 from 50.2 in November.
The weaker-than-expected data follows a poor official survey on factory output, compounding concerns about a possible economic slowdown this year.
On the data front, investors are likely to closely monitor U.S. manufacturing PMI data for December at around 9:45 a.m. ET.
Overseas, in Japan, markets were closed to begin 2019, while in Hong Kong, the Hang Seng index crumbled 2.8%
Oil prices slid 60 cents to $44.81 U.S. a barrel.
Gold prices gained $6.90 to $1,288.20 U.S. an ounce.
