Canada's main stock index futures inched higher on Wednesday, buoyed by firmer oil and bullion prices, while investors awaited inflation data release later in the day for cues on the domestic economy.
The S&P/TSX Composite Index gained 12.49 points Tuesday to 17,957.37.
The Canadian dollar advanced 0.1 cents to 78.70 cents U.S.
March futures eked up 0.1% Wednesday.
Pfizer Inc told Canada on Tuesday it will receive no coronavirus vaccines next week, officials said, an unexpected development that promises more pain for provinces already complaining about a shortage of supplies.
National Bank of Canada cut the rating on Boralex to sector perform from outperform.
Laurentian Bank Securities cut the rating on Fortuna Silver Mines to hold from buy.
On the economic beat, Statistics Canada’s Consumer Price Index (CPI) rose 0.7% on a year-over-year basis in December, down from a 1.0% increase in November. On a seasonally-adjusted monthly basis, the CPI rose 0.1% in December.
Later on the morning (about 10 a.m. EST), the Bank of Canada is out with its rate decision
ON BAYSTREET
The TSX Venture Exchange hiked 11.15 points, or 1.2%, to close Tuesday at 931.48.
ON WALLSTREET
Stock futures gained on Wednesday ahead of President-elect Joe Biden’s inauguration. Netflix and Procter & Gamble shares jumped after their earnings reports.
Futures for the Dow Jones Industrial acquired 70 points, or 0.2%, to 30,898.
Futures for the S&P 500 gained 17 points, or 0.5%, at 3,807.50.
Futures for the NASDAQ Composite zoomed 121.25 points, or 0.9%, to 13,106.75.
Netflix soared more than 13% in pre-market trading after the company reported strong subscriber growth and said it’s considering share buybacks.
Netflix handily beat estimates for global paid net subscriber additions, reporting 8.5 million versus the 6.47 million analysts anticipated. The company also said it expects to be break even on a cash flow basis this year.
Shares of streaming-competitor Disney jumped 3% following Netflix’s strong subscriber numbers.
Procter & Gamble shares jumped 2% as the consumer staple raised its forecast and said revenue last quarter jumped on higher pandemic demand for cleaning products.
Biden will succeed President Donald Trump as the 46th president of the United States shortly after noon ET. His inauguration speech will focus on the need to bring the country together on the heels of a violent riot on Capitol Hill and amid extreme partisanship in Congress.
Investors will also be on the lookout for any further information about Biden’s $1.9-trillion COVID-19 relief plan unveiled last week. On Tuesday, Janet Yellen, Biden’s designated nominee for Treasury Secretary, endorsed higher aid spending and urged lawmakers to “act big.”
Biden’s stimulus proposal calls for direct payments of $1,400 to most Americans as well as additional unemployment benefit as well as state and local government aid. He also announced a sweeping plan to combat the pandemic in the U.S., which includes a nationwide vaccine campaign.
Morgan Stanley shares rose before the bank is set to report fourth-quarter earnings.
The U.S. has fallen far short of its goal of vaccinating 20 million people by the end of last year. While the Trump administration’s Operation Warp Speed has delivered over 31.1 million doses across the country, only 12.3 million people have been inoculated.
Overseas, in Japan, the Nikkei 225 sank 0.4%, while in Hong Kong, the Hang Seng index gained 1.1%.
Oil prices climbed 42 cents to $53.40 U.S. a barrel.
Gold prices slumped $3.90 to $1,836.30 U.S.
