Baystreet.ca - Futures tied to Canada's main stock index fell on Wednesday as crude and metal prices declined, while investors looked forward to the Bank of Canada's highly anticipated monetary policy decision due later in the day.
The TSX Composite Index tumbled 303.73 points, or 1.3%, to end Tuesday at 23,042.45
The Canadian dollar dropped 0.045 cents to 73.83 cents U.S.
September futures lost 0.2% Wednesday.
Investment fund Brookfield is reportedly close to selling renewable energy firm Saeta Yields to Masdar of the United Arab Emirates.
On the economic slate, Canada's merchandise imports decreased 1.7% in July, while exports fell 0.4%. Consequently, Canada's merchandise trade balance with the world moved from a revised deficit of $179 million in June to a surplus of $684 million in July.
About 10 this morning EDT, we’ll hear the latest from the Bank of Canada about its trendsetting rate.
ON BAYSTREET
The TSX Venture Exchange deleted 12.82, or 2.3%, Tuesday to 555.08.
ON WALLSTREET
U.S. stock futures fell Wednesday after the major averages kick-started September lower, with the S&P 500 clocking its worst day since early August.
Futures for the Dow Jones Industrials reversed 80 points, or 0.2% to 40,938.
Futures for the S&P 500 fell 25.25 points, or 0.5%, at 5,516.50.
Futures for the NASDAQ slumped 151 points, or 0.8%, to 18,855.50.
Wall Street is coming off a losing session, with the major benchmarks posting their worst day going back to the Aug. 5th sell-off, as chip names came under pressure and the latest economic data implied slowing growth for the U.S. economy. The 30-stock Dow fell more than 600 points, or 1.5%, while the S&P 500 slid 2.1%. The NASDAQ Composite dropped 3.3%.
Nvidia (NASDAQ:NVDA) shares fell nearly 1% in the premarket after a Bloomberg report, citing sources familiar, said the U.S. Justice Department sent subpoenas to the chipmaker. The move comes after Nvidia tumbled more than 9% in Tuesday’s session amid a broader pullback in semiconductor stocks.
Corporate earnings season is largely behind investors, but reports from retailers Dick’s Sporting Goods and Dollar Tree (NASDAQ:DLTR) are set to release before the open on Wednesday. Hewlett Packard Enterprise is set to post earnings after the close.
Traders will also look to the latest releases on the U.S. trade deficit, job openings and labor turnover (JOLTS) survey, and factory orders data.
In Japan, the Nikkei 225 caved 4.2% Wednesday, while in Hong Kong, the Hang Seng index lost 1.1%.
Oil prices climbed 56 cents to $72.09 U.S. a barrel.
Gold prices were down $3.60 to $2,519.40