Canadian stock futures rose on Wednesday, helped by firmer oil prices, with investors awaiting inflation data due later in the day for clues about the domestic economy's health.
The TSX gained 58.25 points by Tuesday’s closing bell to 16,814.76.
The Canadian dollar rose 0.19 cents Wednesday at 76.49 cents U.S.
December futures eked up 0.2% Wednesday.
British insurance group RSA is backing a 7.2-billion-pound ($9.55 billion U.S.) cash offer from Canada's Intact Financial and Denmark's Tryg in one of Europe's biggest financial takeover bids this year.
One of the unions on strike at Chile's Candelaria copper mine, owned by Canada's Lundin Mining Corp, rejected a contract offer from the company on Tuesday, confirming the work stoppage would continue
National Bank of Canada raised the target price on Bank of Montreal to $87.00 from $83.00
National Bank of Canada raised the price target on Canadian Imperial Bank of Commerce to $111.00
National Bank of Canada revised the rating on Teranga Gold to tender from outperform
On the economic slate, Statistics Canada reported the consumer price index - rose 0.7% on a year-over-year basis in October, up from a 0.5% increase in September. The agency added that, on a seasonally-adjusted monthly basis, the CPI rose 0.3% in October, following a 0.1% increase in September.
ON BAYSTREET
The TSX Venture Exchange dropped 4.41 points Tuesday to 738.23.
ON WALLSTREET
U.S. stock futures bounced on Wednesday a day after a pause in the market’s rally to records.
Futures for the Dow Jones Industrials gathered 130 points, or 0.4%, to 29,850.
Futures for the S&P 500 gained 10.5 points, or 0.3%, at 3,617.25.
Futures for the NASDAQ Composite jumped 19.5 points, or 0.2%, to 11,994.50.
Stocks are having a strong month on the back of positive news from two U.S. drug makers about successful Covid-19 vaccines. The Dow is up more than 12% and the S&P 500 is up more than 10% in November. The NASDAQ is up more than 9%, lagging as investors ditch technology shares of cyclical plays.
Pfizer released the final data on its vaccine candidate with BioNTech and it was even better than the initial data. The companies said the vaccine was 95% effective in preventing Covid-19 and fended off severe infection in the trial.
Dow-member Boeing jumped 5% in pre-market trading as the Federal Aviation Administration lifted its ban on its 737 Max after a 20-month grounding following two deadly crashes.
Target shares rose 2% after the retailer’s third quarter earnings topped estimates because of booming digital sales.
Lowe’s shares dropped 6% after the home improvement retailer reported third-quarter earnings and a profit outlook slightly short of estimates.
A slew of other retailers report quarterly earnings on Wednesday, with chipmaker Nvidia, Copa Holdings and L Brands set to release earnings following Wednesday’s session.
Overseas, in Japan, the Nikkei 225 index sank 1.1% Wednesday, while in Hong Kong, the Hang Seng index gained 0.5%.
Oil prices progressed 85 cents to $42.28 U.S. a barrel.
Gold prices $16.00 to $1,869.10 U.S.
