Futures tracking Canada’s main stock index inched higher on Wednesday as metal prices recovered after weak data from China stoked expectations of more stimulus from the world’s top metal consumer.
The TSX scaled back 30.06 points to end Tuesday’s trading at 20,205.98.
September futures were up 0.4% Wednesday.
The Canadian dollar dipped 0.03 cents to 74.44 cents U.S.
Investors are bracing for a busy week of earnings in Canada, with the results of food and pharmacy retailer Metro Inc, cannabis company Trulieve Cannabis Corp and financial services firm Manulife Financial Corp due later in the day.
Sun Life Financial reported better-than-expected quarterly profit.
In the economic docket, Statistics Canada reported the total monthly value of building permits in Canada increased 6.1% in June to $11.6 billion.
ON BAYSTREET
The TSX Venture Exchange docked 8.06 points, or 1.3%, Tuesday to 607.66.
ON WALLSTREET
U.S. stock futures were higher Wednesday as Wall Street tried to regain its footing following a decline in the previous session.
Futures for the Dow Jones Industrials vaulted 63 points, or 0.2% to 35,458.
Futures for the S&P 500 gained 11.5 points, or 0.3%, to 4,530.
Futures for the NASDAQ took on 42 points, or 0.3%, to 15,396.25.
Penn Entertainment surged nearly 15% after the casino company said it’s launching an online sportsbook with ESPN, called ESPN Bet, this fall.
The losses came after Moody’s downgrade of several regional banks dampened investor sentiment. Some market participants were concerned the signal could spell more trouble for markets ahead, but others say the pullback is expected given the extraordinary rally in equities this year.
Roblox is set to report earnings results before the open Wednesday. Entertainment giant Disney and casino operator Wynn Resorts are slated to post quarterly results after the close.
In Japan, the Nikkei 225 retreated 0.5% Wednesday, while in Hong Kong, the Hang Seng picked up 0.3%.
Oil prices progressed 74 cents to $83.66 U.S. a barrel.
Gold prices sank $2.90 to $1,957 U.S. an ounce.