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TSX Set for Downward Open

Baystreet - Wed Feb 7, 7:32AM CST
Futures for Canada's resources-heavy main stock index drifted lower on Wednesday, tracking a decline in gold prices, while investors awaited minutes of the Bank of Canada's policy meeting for cues on the central bank's interest rate path.

The TSX Composite remained positive 85.85 points, to end Tuesday at 20,957.74

March futures were down 0.3% Wednesday.

The Canadian dollar edged up 0.17 cents to 74.29 cents U.S.

On the corporate side, automation solutions provider ATS Corp reported its third-quarter revenue above analysts' expectations.

Federal Trade Minister Mary Ng said on Tuesday that the government aims to support miner First Quantum as the company deals with the fallout from the closure of its flagship copper mine in Panama.

On the economic board, Statistics Canada reported in December, Canada's merchandise exports decreased 1.9%, while imports edged up 0.2%. As a result, Canada's merchandise trade balance went from a surplus of $1.1 billion in November to a deficit of $312 million in December.


The TSX Venture Exchange lost 0.04 points Tuesday to 548.16.


Stock futures were surging on Wednesday, as investors parse through another slate of quarterly results halfway through the corporate earnings season.

Futures for the Dow Jones Industrials index climbed 42 points, or 0.1%, to 38,655.

Futures for the S&P 500 added 13.25 points, or 0.3%, at 4,988.

Futures for the NASDAQ surged 70.75 points, or 0.4%, to 17,730.75.

Investors will now turn their attention to a fresh batch of quarterly results. Uber slipped 1% before the bell even after topping Wall Street’s expectations, while Yum Brands slumped 1.3% after falling short of analyst estimates.

Tuesday’s results marked the halfway point of the fourth-quarter earnings season.

Shares of Snap tumbled more than 31% after the social media company missed analyst revenue estimates and provided weak forecast.

Automaker Ford gained nearly 6% after beating Wall Street’s fourth-quarter estimates and issuing higher-than-expected full-year guidance. Ford also announced plans to issue a special dividend.

A strong earnings season, coupled with expectations for an interest rate cut by the Federal Reserve, has been a source of strength on Wall Street.

In Japan, the Nikkei 225 dipped 0.1% Wednesday, while in Hong Kong, the Hang Seng Index lost 0.3%.

Oil prices acquired 59 cents to $73.90 U.S. a barrel.

Gold prices slid $2.70 to $2,048.70 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.

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