Futures for Canada's main stock index rose on Wednesday as oil prices firmed up after data showed a big drop in U.S. crude stockpile.
The S&P/TSX Composite Index screamed higher 198.83 points, or 1.2%, Tuesday to 16,368.03.
September futures soared 0.5% Wednesday.
The Canadian dollar gained 0.3 cents Wednesday to 74.50 cents U.S.
Thomson Reuters reported slightly lower revenue and an 18% fall in operating profit for the second quarter on Wednesday, and reaffirmed its forecast for the rest of 2020.
CIBC raised the target price on Exchange Income Corp to $30.00 from $27.00
Credit Suisse raised the price target on Gibson Energy to $24.00 from $22.00
CIBC raised the target price on Information Services to $20.00 from $15.50
On the economic calendar, Statistics Canada said Canadian merchandise imports and exports rebounded sharply in June, mostly on the strength of motor vehicles and parts.
The agency added imports rose 21.8% and exports were up 17.1%. Canada's merchandise trade deficit with the world widened from $1.3 billion in May to $3.2 billion in June.
ON BAYSTREET
The TSX Venture Exchange raced 20.33 points, or 2.8%, to close Tuesday at 741.57.
ON WALLSTREET
U.S. stock futures trimmed gains Wednesday after the release of much weaker-than-expected private payrolls data.
Futures for Dow Jones Industrials zoomed 162 points, or 0.6%, early Wednesday, to 26,879.
Futures for the S&P 500 picked up 14.5 points, or 0.4%, at 3,314.50.
Futures for the NASDAQ hiked 16.25 points, or 0.2%, to 11,102.25.
Better-than-expected earnings from Disney helped sentiment on Wall Street. The theme park and media giant earned a profit of 8 cents per share, while analysts expected a loss of 64 cents per share. Disney said it now has 100 million paid subscribers across its streaming services, which include Disney+, Hulu and ESPN+.
Disney shares jumped by 6% in pre-market trading.
ADP reported Wednesday that private payrolls in the U.S. increased by just 167,000 in July. That’s well below a Dow Jones estimate of one million and represents a tumble from the 4.314 million added in June.
The final read on July Services Purchasing Managers Index will be released at 9:45 am ET. Economists polled by Dow Jones are expecting a read of 49.6, the same as June. Finally, the Institute for Supply Management’s non-manufacturing survey is set to release at 10:00 ET.
Economists estimate a red of 55, according to Dow Jones, down from June’s read of 57.1.
Traders also grappled with continuing talks in Washington over a new coronavirus stimulus package.
The White House and Democratic congressional leaders have reported some progress in the negotiations, but they remain apart on some issues.
Overseas, in Japan, the Nikkei 225 sagged 0.3% while in Hong Kong, the Hang Seng index surged 0.6%.
Oil prices increased $1.38 to $43.08 U.S. a barrel.
Gold prices jumped $32.40 to $2,053.40.
