(MENAFN- Baystreet.ca) Canada's main stock index futures edged lower on Wednesday ahead of Bank of Canada's interest rate decision and U.S. Federal Reserve Chairman Jerome Powell's congressional testimony.
The S&P/TSX Composite Index forged ahead 82.26 points to conclude business Tuesday at 16,545.21
The Canadian dollar crept up 0.02 cents to 76.19 cents U.S. early Wednesday
September futures nudged lower 0.1% Wednesday.
Alimentation Couche-Tard Inc missed analysts' estimates for quarterly profit on Tuesday due to lower fuel sales across North America and Europe as well as higher expenses.
Bombardier is reportedly laying off half of the 1,100 workers at its Thunder Bay, Ontario, railway car plant.
Credit Suisse raised the target price on Centerra Gold to $10.00 from $8.00
Desjardins raised the rating on Premium Brands Holdings to buy from hold
National Bank of Canada raised the target price on Transalta Renewables to $13.25 from $13
The Bank of Canada makes its rate announcement this morning. The consensus is that the rate will hold still.
ON BAYSTREET
The TSX Venture Exchange lost 2.55 points Tuesday to 585.48
ON WALLSTREET
U.S. stock index futures were lower Wednesday as market participants eagerly anticipated comments from the world's most powerful central banker.
Futures for the Dow Jones Industrials slumped 58 points, or 0.2%, to 26,721.
Futures for the S&P 500 sifted off 6.5 points, or 0.2%, at 2,975.50.
NASDAQ futures dropped 15.75 points, or 0.2%, to 7,829.50
Bed Bath & Beyond, EXFO and PriceSmart are among a multitude of firms reporting earnings Wednesday.
Market focus is largely attuned to the testimony of Federal Reserve Chairman Jerome Powell, with investors anxious to learn whether he will confirm or confound expectations for U.S. policy easing this month.
Over the next two days, Powell is expected to talk about slowing economic activity and increased risks — showing that the Fed is ready to cut interest rates as needed.
However, Powell is also likely to keep the markets — and the White House — guessing about how soon and how deep the Fed intends to trim rates, when it meets at the end of July. The prevailing view, priced into the futures market, is for a 100% chance of a quarter point rate cut July 31.
Overseas, the Nikkei 225 lost 0.2% Wednesday, while in Hong Kong, the Hang Seng index gained 0.3%
Oil prices gained $1.32 to $59.15 U.S. a barrel.
Gold prices slipped $3.30 to $1,393.90 U.S. an ounce.
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