Futures for equity markets in Canada’s largest centre rose on Wednesday, as oil prices gained on optimism after China and Japan said they would use fiscal stimulus to boost economic growth in the face of trade protectionism and faltering global demand.
The S&P/TSX Composite Index docked 120.4 points to close Tuesday at 15,233.76.
The Canadian dollar hiked 0.29 cents at 75.16 cents U.S. early Wednesday
March futures perked 0.3% Wednesday.
Restaurant Brands International on Wednesday named Burger King veteran Jose Cil as its chief executive officer.
First Quantum Minerals says it has ended plans to layoff 2,500 workers in Zambia due to higher tax plans and will continue to dialogue with the government over the issue.
U.S. cannabis retailer Green Growth Brands Inc said on Tuesday it would make a second all-stock takeover bid for Aphria, valuing the Canadian pot producer at about $2.35 billion.
Canaccord Genuity cut the target price on SNC-Lavalin Group to $58.00 from $61.00
Raymond James cut the target price on Russel Metals to $31.00 from $36.00
National Bank of Canada cut the target price on Saputo to $43.00 from $44.00
On the economic slate, Statistics Canada said retail sales decreased 0.9% to $50.4 billion in November on lower sales at gasoline stations and motor vehicle and parts dealers. Excluding these two sub-sectors, retail sales increased 0.2%.
ON BAYSTREET
The TSX Venture Exchange dipped 4.97 points Tuesday to 593.11
ON WALLSTREET
U.S. stock index futures pointed to a higher open on Wednesday after the release of strong corporate earnings from companies like United Technologies and Procter & Gamble.
Futures for the Dow Jones Industrial Average leaped 198 points, or 0.8%, to 24,588
Futures for the S&P 500 gathered 14.25 points, or 0.5%, to 2,646.25
NASDAQ futures jumped 36.75 points, or 0.6%, to 6,689.75
Dow members United Technologies progressed 3.4%, and Procter & Gamble rose 4.2% in the premarket, after both companies reported better-than-expected earnings. IBM, another Dow component, also jumped 7.3% on the back of its results.
Earlier this week, the International Monetary Fund (IMF) announced that it had revised down its estimates for global growth, projecting a 3.5% growth rate across the globe in 2019, and 3.6% for next year.
The fund had already slashed its forecasts back in October, due to trade tensions, however, issues still remain as the institution keeps its eye on other topics filled with uncertainty, such as Brexit. Weak economic data out of China didn’t ease fears either.
Overseas, in Japan, the Nikkei 225 slid 0.1% Wednesday, while in Hong Kong, the Hang Seng index gained more than two points.
Oil prices improved 54 cents to $53.55 U.S. a barrel.
Gold prices gained $1.10 to $1,284.50 U.S. an ounce.
