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Futures Sharply Lower Wednesday

Baystreet - Wed Sep 6, 2023
Futures tied to Canada's main stock index declined on Wednesday after weak data from China and Europe pressured global sentiments, while investors keenly awaited the Bank of Canada's interest rate decision due later in the day.

The TSX plunged 131.6 points to close Tuesday at 20,413.76.

September futures backpedaled 0.5% Wednesday.

The Canadian dollar descended 0.03 cents to 73.29 cents U.S.

In company news, Enbridge will buy three utilities from Dominion Energy for $14 billion, including debt, the Canadian pipeline operator said on Tuesday.

In the economic docket, Statistics Canada reported that in July, Canada's merchandise imports decreased 5.4%, while exports were up 0.7%. As a result, Canada's merchandise trade deficit with the world narrowed from a revised $4.9 billion in June to $987 million in July.

Later this morning, at about 10 a.m. the Bank of Canada announces its trendsetting rate, which many experts reckon will not have changed.

ON BAYSTREET

The TSX Venture Exchange gained 2.99 points Tuesday to 594.51.

ON WALLSTREET

Stock futures fell Wednesday, putting Wall Street on course to add to the previous session’s losses.

Futures for the Dow Jones Industrials dropped 73 points, or 0.2%, to 34,607.

Futures for the S&P 500 fell 11 points, or 0.2%, to 4,491.50.

Futures for the NASDAQ sank 44.5 points, or 0.3%, to 15,490.

Roku shares surged more than 12% before the bell after announcing a slew of cost-cutting measures, including layoffs.

GameStop, American Eagle Outfitters and ChargePoint are among stocks slated to report earnings after the bell.

Part of the downward pressure came from oil prices, which rose to their highest level since November after Saudi Arabia and Russia extended their voluntary supply cuts. On Wednesday, West Texas Intermediate futures slipped 0.7% to $86.07.

In Japan, the Nikkei 225 index acquired 0.6% Wednesday, while in Hong Kong, the Hang Seng stepped back about seven points.

Oil prices lost 32 cents to $86.37 U.S. a barrel.

Gold prices handed back a dollar to $1,951.60 U.S. an ounce.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.