Canada's main stock index opened higher on Wednesday following the Bank of Canada monetary policy decision, with strength in the energy sector lifting gains.
The TSX forged ahead 23.35 points to open Wednesday at 36,194.84.
The Canadian dollar inched up 0.04 cents to 71.21 cents U.S.
Canada and the United Arab Emirates signed a comprehensive trade deal on Tuesday to deepen trade ties and boost investment, the governments said
Investors are now looking ahead to earnings from Agnico Eagle, Alamos Gold, First Quantum Minerals and Kinross Gold.
Shares in Agnico lost $1.64 to $252.11, while those for Alamos gave up 18 cents to $43.53. First Quantum fell 71 cents, or 2%, to $35.35. Kinross shares lost 50 cents, or 1.6%, to $31.81.
In company news, Tamarack Valley raised its 2026 average production forecast in its third-quarter results. Tamarack shares took on 11 cents to $14.80.
Trican Well Service' third-quarter profit rose on increased operating activity and improved utilization levels. Trican gained 20 cents, or 2.9%, to $7.12.
On the economic calendar, the Bank of Canada increased its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.
ON BAYSTREET
The TSX Venture Exchange edged up 1.51 points to 839.99.
Eight of the 12 subgroups lost ground in the first hour, as gold and materials each gave up 0.7%, while utilities sank 0.3%.
The three gainers were information technology, ahead 1.5%, energy, up 1.1%, and health-care, improving 0.6%.
Telecoms didn’t move.
ON WALLSTREET
Stocks were relatively unchanged on Wednesday as investors awaited a rate policy decision from the Federal Reserve and earnings reports from mega-cap technology companies.
The Dow Jones Industrials hiked 127.07 points to 52,504.64.
The S&P 500 index acquired 10.46 points to 7,733.06.
The tech-heavy NASDAQ dipped 5.33 points to 26,468.62.
U.S. chipmakers moved higher in premarket trading Wednesday, buoyed by SK Hynix posting record quarterly profit — a development that sent U.S. shares of the South Korean chipmaker up nearly 8%.
Micron Technology was up 4%, while Arm Holdings advanced 2%. Intel and Marvell Technology each added almost 2%, as did Advanced Micro Devices.
Investors’ attention will remain on the artificial intelligence trade after the bell, as “Magnificent Seven” giants Alphabet and Microsoft will kick off Big Tech earnings. The former was last seen up more than 1%, while the latter was down marginally.
Focus will turn to domestic monetary policy as the Fed wraps up its two-day policy meeting. The central bank is widely predicted to keep interest rates steady at a target rate range of 3.75% to 4%.
Policymakers raised rates by a quarter percentage point at their September meeting.
According to CME’s FedWatch tool, there’s a roughly 90% chance that the Fed maintains the current interest rate, but some expect that
Chairman Kevin Warsh will signal that more hikes are coming in future policy meetings. The decision on interest rates will be announced at 2:00 p.m. ET.
Prices for the 10-year Treasury fell, raising yields to 5.02% from Tuesday’s 4.98%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.83 to $101.73 U.S. a barrel.
Gold prices faded $15.00 to $4,059.60 U.S. an ounce.
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