Baystreet.ca - Futures linked to Canada's main stock index rose on Wednesday, lifted by gains in oil and precious metal prices, while Federal Reserve Chair Jerome Powell acknowledging in his testimony that inflation had been improving solidified rate-cut hopes.
The TSX Composite Index lost 83.63 points to close Tuesday at 22,042.56.
The Canadian dollar was stable at to 73.35 cents U.S.
September futures were up 0.5% Wednesday.
A report showed that Canada's top property and casualty insurers have invested more than $14.30 billion in fossil fuel production, at a time when climate change is driving up risks for the industry.
ON BAYSTREET
The TSX Venture Exchange dipped 2.49 points to conclude Tuesday at 575.57.
ON WALLSTREET
Stock futures were little changed on Wednesday afternoon after the S&P 500 notched a fresh record close.
Futures for the Dow Jones Industrials picked up eight points to 39,604.
Futures for the much-broader index took on 10 points, or 0.2%, at 5,641.25.
Futures for the NASDAQ Composite jumped 61.75 points, or 0.3% to 20,743.25.
Wall Street is coming off fresh record-highs for the NASDAQ Composite and S&P 500 as Federal Reserve Chair Jerome Powell cautioned that keeping rates elevated for too long could stunt economic growth. The S&P 500 edged up 0.07%, while the NASDAQ added 0.14%. The 30-stock Dow ticked down 52.82 points, or 0.13%.
Wednesday marks a light day for economic data, with a final wholesale inventories reading for May due ahead of the June consumer price index reading on Thursday. The June producer price index will follow on Friday.
Many view the upcoming CPI print as a key test for the market and the outlook for rate cuts.
In Japan, the Nikkei 225 gained 0.6% points to a fresh new high Wednesday, while the Hang Seng in Hong Kong sank 0.3%.
Oil prices slid 23 cents to $81.18 U.S. a barrel.
Gold prices surged $12.40 to $2,380.30