(MENAFN- Baystreet)
Futures tied to Canada's main stock index advanced on Wednesday, as dovish-leaning comments from U.S. Federal Reserve Chair Jerome Powell put the spotlight back on rate cut expectations while rising precious metal prices supported the gains.
The TSX vaulted 502.72 points, or 1.7%, to conclude Tuesday at 30,353.61.
December futures were up 0.7% Wednesday.
The Canadian dollar gained 0.04 cents to 71.24 cents U.S.
In corporate news, building materials firm Goodfellow reported third-quarter net earnings of $3.7 million, down from $5.8 million a year earlier.
On matters economic, Statistics Canada reported manufacturing sales decreased 1.0% in August, driven largely by lower sales in the transportation equipment and food
Wholesale sales declined 1.2% to $85.4 billion in August.
The Canadian Real Estate Association was due this morning with its MLS listings readings for September.
ON BAYSTREET
The TSX Venture Exchange popped 37.17 points, or 3.8% Tuesday, to 1,017.94.
ON WALLSTREET
Stock futures rose Wednesday, following a volatile session, as traders digested the latest developments in the U.S.-China trade war and weighed new quarterly reports from major companies.
Futures for the Dow Jones Industrials recaptured 207 points, or 0.5%, to 46,707.
Futures for the S&P 500 took on 43.25 points, or 0.7%, to 6,729.75.
Futures for the NASDAQ recovered 196.75 points, or 0.8%, to 24,959.25.
Trade fears led to a tumultuous session on Tuesday. The S&P 500 attempted to stage a comeback, but ultimately closed lower after President
Donald Trump threatened China with a cooking oil embargo late in the session as retaliation for Beijing not buying U.S. soybeans.
On Tuesday, the benchmark was up as much as 0.4% and down as much as 1.5%.
Bank of America shares jumped 4% after the company posted third-quarter earnings and revenue that beat analyst expectations, thanks to strong investment banking revenue.
That report comes after a spate of better-than-expected reports from Goldman Sachs and Wells Fargo, among others, on Tuesday.
Morgan Stanley and PNC Financial are set to report earnings before the bell. J.B. Hunt Transport is due out after the close.
Still, Wall Street veteran Art Hogan believes that stocks will likely trade sideways from here, wavering near all-time highs as long as trade war uncertainty persists.
In Japan, the Nikkei 225 recovered 1.8% Wednesday, while in Hong Kong, the Hang Seng also hiked 1.8%%.
Oil prices fell three cents to $58.67 U.S. a barrel.
Gold prices surged $54.40 to $4,217.80 U.S. per ounce.

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