Canada's main stock index was set to rebound on Wednesday from a 10-month low hit in the previous session as commodity prices rallied on hopes of more economic stimulus in top consumer China.
The S&P/TSX Composite lost 109.63 points, to finish Tuesday at 19,890.06.
June futures moved upward 0.8% Wednesday
The Canadian dollar rocketed 0.4 cents to 77.14 cents U.S.
Canada's competition agency said on Tuesday that concessions offered by Rogers Communications to acquire Shaw Communications in a $16-billion deal were insufficient.
National Bank of Canada cut the price target on Copperleaf Technologies to $16.00 from $20.00
CIBC raised the rating on Element Fleet Management to outperform from neutral
CIBC raised the target price on George Weston to $188.00 from $177.00.
ON BAYSTREET
The TSX Venture Exchange skidded 8.62 points, or 1.2%, to 711.19
ON WALLSTREET
Stock futures were higher in early morning trading Wednesday ahead of a key U.S. inflation report.
Futures for the Dow Jones Industrials jumped 289 points, or 0.9%, to 32,376.
Futures for the S&P 500 hiked 44.75 points, or 1.1%, to 4,041.50.
Futures for the NASDAQ Composite Index popped 169.25 points, or 1.4%, to 12,516.25.
On the earnings front, shares of Coinbase slumped nearly 16% pre-market and Toyota dipped 4.4% on the back of earnings. Investors are looking ahead to reports Walt Disney, Rivian and Beyond Meat after the bell.
Investors are awaiting the release of April’s consumer price index Wednesday morning for the latest temperature check on inflation and whether it has peaked. Rising prices have been front-of-mind, particularly as the Federal Reserve is hiking interest rates and trimming its balance sheet to address inflation.
Economists expect the CPI to rise 0.2% from the month prior and 8.1% year over year, according to the Dow Jones consensus estimate. That compares with March’s 8.5% year-over-year pace.
In Japan, the Nikkei 225 moved ahead 0.2% Wednesday. In Hong Kong, the Hang Seng progressed 1%.
Oil prices gained $3.68 to $103.44 U.S. a barrel.
Gold prices brightened $8.40 to $1,849.40 U.S. an ounce.
