Futures for Canada’s main stock index fell on Wednesday, as investors worried that aggressive policy tightening by global central banks will stifle economic growth.
The S&P/TSX leaped 109.12 to conclude Tuesday at 20,928.21
June futures fell 0.5% Wednesday.
The Canadian dollar eased 0.03 cents to 79.73 cents U.S.
D.A. Davidson cut the target price on BRP to $122.00 from $134.00
Cormark Securities raised the target price on Vitalhub to $5.00 from $4.75
Canaccord Genuity started coverage on Wishpond Technologies with a speculative buy rating
Canada’s budgetary watchdog said on Tuesday prices in this country are rising at their quickest pace in 31 years, but that is not yet feeding in to a wage spiral, with inflation still expected to return to target in coming years.
Internationally, the Organization for Economic Cooperation and Development on Wednesday cut its 2022 global growth forecast to 2.8% from 3.2%, a day after the World Bank slashed its estimates by nearly a third to 2.9%.
ON BAYSTREET
The TSX Venture Exchange gained 4.14 points to 722.77.
ON WALLSTREET
Stock futures fell Wednesday after two consecutive days of gains on Wall Street.
Futures for the Dow Jones Industrials stumbled 111 points, or 0.3%, Wednesday to 33,054.
Futures for the S&P 500 retreated 9.75 points, or 0.2%, to 4,149.
Futures for the NASDAQ Composite index fell back 15.25 points, or 0.1%, to 12,696.25.
The moves came as investors weighed updates from major companies and signs that economic growth may be slowing.
Overseas, Credit Suisse issued a profit warning for the second quarter, citing tighter monetary policy and the war in Ukraine. Target, which issued its own warning on Tuesday, was downgraded to neutral from buy by Bank of America.
Meanwhile, the Atlanta Federal Reserve’s GDPNow tracker showed a growth rate of just 0.9% for the second quarter, down from 1.3% last week.
On the earnings front, shares of Ollie’s Bargain Outlet Holdings fell 6% in premarket trading after the discount retailer missed estimates for its first quarter. Campbell Soup, however, moved higher after a stronger-than-
Five Below also reports earnings Wednesday.
In Japan, the Nikkei 225 surged 1% Wednesday. In Hong Kong, the Hang Seng popped 2.2%
Oil prices gained $1.18 to $120.59 U.S. a barrel.
Gold prices acquired 20 cents to $1,852.30 U.S. an ounce.