Futures for Canada's main stock index inched higher on Wednesday ahead of the U.S. Federal Reserve's monetary policy decision.
The S&P/TSX Composite rumbled ahead 83.44 points on top of Monday’s all-time closing high, closing Tuesday at 16,834.75
The Canadian dollar dipped 0.03 cents to 75.46 cents U.S. early Wednesday
September futures tiptoed up 0.02% early Wednesday.
The Minnesota Supreme Court declined on Tuesday to hear environmental and tribal challenges to Enbridge Inc's Line 3 oil pipeline, a decision that removes one potential obstacle for the delayed project.
TD Securities cut the price target on Horizon North Logistics to $1.40 from $1.60
Cowen and Company cut the price target on Canadian Pacific Railway to $257 from $258
CIBC raised the price target on Pretium Resources to $18 from $15.50
On the economic front, Statistics Canada’s consumer price index rose 1.9% on a year-over-year basis in August, following a 2.0% increase in July. On a seasonally adjusted monthly basis, inflation was unchanged last month.
ON BAYSTREET
The TSX Venture Exchange faded 1.61 points Tuesday to 586.90
ON WALLSTREET
U.S. stocks were set to open slightly lower Wednesday morning as a key policy decision from the Federal Reserve loomed.
Futures for the Dow Jones Industrials stumbled 38 points, or 0.1%, early Wednesday to 27,072
Futures for the S&P 500 lost five points, or 0.2%, at 3,003
NASDAQ Composite futures dipped 18.5 points, or 0.2%, to 7,896
FedEx slashed its fiscal 2020 earnings guidance. The company also posted weaker-than-expected quarterly results, citing “a weakening global macro environment driven by increasing trade tensions.” FedEx shares dropped 11% in the pre-market Wednesday.
General Mills and Herman Miller Inc. are among the firms reporting earnings Wednesday
The Fed is expected to cut rates by 25 basis points despite a recent fall in energy prices. This would be the bank’s second rate cut in a decade, after the central bank decided to lower the Fed Funds Rate to a range of 2.0%-2.25% in July. Chairman Jerome Powell will address the media on Wednesday at 2:30 p.m. ET.
Overseas, in Japan, the Nikkei 225 dropped 0.2%, while in the Hong Kong, the Hang Seng index demurred 0.1%
Oil prices lopped off 47 cents to $58.87 U.S. a barrel.
Gold prices handed back four dollars to $1,509.40 U.S. an ounce.
