Baystreet.ca - Futures linked to Canada's main stock index rose on Thursday as crude and metal prices gained, a day after softer U.S. inflation data reinforced hopes for a rate cut by the Federal Reserve next month.
The TSX Composite Index gained 141.83 points to conclude Wednesday at 22,618.18.
The Canadian dollar captured 0.04 cents to 72.95 cents U.S.
September futures on the S&P/TSX index were up 0.2% Thursday.
In corporate news, billionaire investor William Ackman said he acquired new stakes in sportswear company Nike (NYSE:NKE) and investment management firm Brookfield in the second quarter.
On the economic beat, Statistics Canada told us wholesale trade Wholesale sales fell 0.6% to $82.4 billion in June, while motor vehicle sales paled to 168,000 last month from 184,700 the previous month. The Canadian Real Estate Association was due later morning with home sales for in July
ON BAYSTREET
The TSX Venture Exchange advanced 2.63 points Wednesday to 548.29.
ON WALLSTREET
Stock futures nudged higher Thursday morning as investors gained confidence in signs of easing inflation.
Futures for the Dow Jones Industrials hiked 134 points, or 0.3%, to 40,253.
Futures for the S&P 500 index tacked on 12.5 points, or 0.2%, at 5,489.50
Futures for the NASDAQ moved up 51.75 points, or 0.3%, to 19,166.75.
Dow component Walmart (NYSE:WMT) added to the early momentum, with a raised outlook and an earnings report that topped analyst estimates, sending shares up more than 6% in premarket trading. Elsewhere, Cisco Systems (NASDAQ:CSCO) jumped more than 5% after announcing a fiscal fourth-quarter earnings and revenue beat and cuts to its global workforce.
Encouraging inflation data this week has largely swept away investors’ recessionary fears and led to a rebound in equities following last week’s sharp global selloff.
Several companies also made moves after 13F regulatory filings revealed closely watched investment managers were adding the stocks to their portfolios. Ulta Beauty (NASDAQ:ULTA) shares popped more than 13.5% after Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) reported a new stake in the cosmetics company. Nike shares added about 3% after Bill Ackman’s Pershing Square (NYSE:SQ) revealed a position in the sneaker giant.
In Japan, the Nikkei 225 gained 0.8%, Hong Kong, the Hang Seng index slid four points.
Oil prices gained 85 cents to $77.83 U.S. a barrel.
Gold prices added $23.00 to $2,501.70