Futures linked to Canada’s main stock index bounced back on Wednesday as oil prices ticked up, while investors awaited U.S. economic data and release of the Federal Reserve’s July meeting minutes.
The TSX Composite Index let go of 78.95 points, to conclude Tuesday at 23,037.44.
The Canadian dollar advanced 0.01 cents to 73.53 cents U.S.
September futures grew 0.5% Wednesday.
In corporate news, Brookfield Asset Management asked banks to backstop nearly $10.6 billion of debt for the potential takeover of Spanish pharmaceutical firm Grifols, according to a Bloomberg report.
On the economic calendar, Statistics Canada said July’s Industrial Product Price Index was unchanged month over month and rose 2.9% on a yearly basis. The Raw Materials Price Index rose 0.7% month over month in July and increased 4.1% year over year.
ON BAYSTREET
The TSX Venture Exchange eased 1.69 points to 571.34.
ON WALLSTREET
Stock futures little changed Wednesday as traders looked ahead to minutes from the Federal Reserve’s latest policy meeting — seeking further insight into the prospect of an interest rate cut.
Futures for the Dow Jones Industrials gained 69 points, or 0.2%, to 41,018.
Futures for the S&P 500 index took on 9.5 points, or 0.2%, at 5,628.25.
Futures for the NASDAQ gathered 23.5 points, or 0.1% to 19,833.
Target jumped more than 14% in premarket trading after reporting earnings for the fiscal second quarter that exceeded Wall Street’s expectations. But fellow retailer Macy’s dropped more than 8% on a lowered full-year sales forecast.
Stocks are coming off a losing session, with both the S&P 500 and Nasdaq Composite snapping their longest winning streaks since late 2023.
The broad-market S&P 500 dipped 0.2%, while the tech-heavy Nasdaq slid 0.33%. The Dow Jones Industrial Average fell 0.15%.
In Japan, the Nikkei 225 docked 0.3%, while in Hong Kong, the Hang Seng index gave back 0.7%.
Oil prices eked ahead 18 cents to $73.35 U.S. a barrel.
Gold prices dipped a dollar to $2,548.600
