Futures for Canada’s main stock index edged up ahead of the central bank’s interest rate decision on Wednesday, with a fall in bullion prices capping gains on the resources-focused index.
The TSX cooled off from earlier highs Tuesday, finishing 141.41 points, at 18,599.19
The Canadian dollar demurred 0.04 cents at 79.05 cents U.S.
March futures inched up 0.05% Wednesday.
Inter Pipeline on Tuesday asked shareholders to reject Brookfield Infrastructure Partners’ hostile bid, saying the offer “significantly undervalues” the Canadian oil and gas transportation company.
J.P. Morgan initiates coverage on ABC Technologies Holdings with an overweight rating and a 12-month price target of $14.00
National Bank of Canada upped the price target on Secure Energy Services to $5.50 from $4.00
The Bank of Canada is scheduled this morning (10 a.m. EST) to give its latest rate announcement. Nothing is expected to change as has been the case for months now.
The central bank’s next policy move will be to taper its asset purchase programme following a solid economic rebound and sustained growth later this year, according to a majority of economists in a recent poll.
ON BAYSTREET
The TSX Venture Exchange gained 33.13 points, or 3.6%, to end Tuesday at 964.20
ON WALLSTREET
S&P 500 futures were flat on Wednesday as traders kept their eyes on bond yields and stimulus progress in Washington.
Futures for the Dow Jones Industrial index shot higher 105 points, or 0.3%, to 31,916.
Futures for the S&P acquired 3.25 points, or 0.1%, at 3,876.50.
Futures for the NASDAQ Composite dropped 16 points, or 0.1%, to 12,772.75.
Tuesday, NASDAQ climbed 3.7% to post its best day since November as investors poured back into popular growth names. Tesla surged 19.6% for its biggest one-day pop since February 2020.
Apple and Facebook popped more than 4% each, while Amazon rallied 3.8%. Before the snapback, the tech-heavy benchmark had fallen into correction territory on Monday, or down more than 10% from its recent high.
Tesla was slightly higher in pre-market trading Wednesday. Apple was lower.
The 10-year Treasury yield was slightly higher ahead of key inflation data ahead at 8:30 a.m. ET. The consumer price index is expected to show a moderate gain in inflation of 0.4% in February, or 0.1% when excluding food and energy, according to economists polled by Dow Jones.
Investors will monitor Wednesday’s inflation data to gauge if price pressures are running hot. Higher inflation expectations have been pushing bond yields higher, which put pressure on risk assets, especially high-growth tech stocks.
Overseas, In Japan, the Nikkei 225 gained more than eight points Wednesday, while in Hong Kong, the Hang Seng moved higher 0.5%.
Oil prices gained 36 cents to $64.37 U.S. a barrel.
Gold prices faded $6.80 to $1,710.10.50 U.S.