(MENAFN- Baystreet.ca) Stock futures pointed to a higher opening for Canada's main stock index on Wednesday as oil prices rose supported by a drop in U.S. crude inventories and a cut in Libyan supplies.
The S&P/TSX Composite Index finished in the red Tuesday 60.45 points to end Tuesday at 14,667.83
The Canadian dollar nicked up 0.06 cents at 74.8 U.S. early Wednesday
December futures popped 0.8% Tuesday.
RBC raised the price target on Just Energy Group to $5.50 from $5.00
Barclays raises rating on North West Company to overweight from equal-weight
Canaccord Genuity initiated coverage on Cargojet with a buy rating and a $90 price target
ON BAYSTREET
The TSX Venture Exchange recovered 0.65 points Tuesday to 564.14.
ON WALLSTREET
U.S. stock index futures were higher Wednesday amid renewed optimism around the possibility of a permanent U.S.-China trade deal being struck.
Futures for the Dow Jones Industrial Average vaulted 216 points, or 0.9%, to 24,638
Futures for the S&P 500 added 22.75 points, or 0.9%, to 2,664,
NASDAQ futures flew 71.25 points, or 1.1%, to 6,788.25.
Optimism around trade lifted shares of Caterpillar and Boeing by more than 1% each before the bell. These stocks are seen as bellwethers for global trade because of their exposure to markets abroad.
In an interview Tuesday, President Donald Trump said he would intervene in the Justice Department's case against a top executive at Chinese telecoms giant Huawei if it would help serve national security interests or help U.S.-Sino trade talks. Huawei is the one of the largest tech companies in China. It is also seen as a symbol of pride by the Chinese government.
The moves in pre-market trade come after Trump said talks between Washington and Beijing were ongoing and confirmed he would not raise tariffs on Chinese imports until he was sure about a comprehensive trade agreement.
They also come after multiple reports pointed to China cutting tariffs on U.S.-made cars. A U.S. official told the media China indicated it will lower the tariffs, but the U.S. would wait on formal documentation and timing.
Overseas, in Japan, the Nikkei 225 sprang up 2.2% Wednesday, while in Hong Kong, the Hang Seng index gained 1.6%
Oil prices gained 94 cents to $52.59 U.S. a barrel.
Gold prices tacked on $2.70 to $1,249.90 U.S. an ounce.
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