Sept 21 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Wednesday ahead of the U.S. Federal Reserve’s policy decision and after the Bank of Japan announced a policy framework overhaul.
Recent hawkish and dovish comments from Fed officials have stoked volatility in financial markets, although consensus is now centred on the Fed raising rates in December.
Global sentiment got a lift after the Bank of Japan overhauled its monetary policy framework on Wednesday, switching to targeting interest rates and sidelining more than three years of massive money printing.
December futures on the S&P TSX index were up 0.43 percent at 7:15 a.m. ET.
Wholesale trade is expected to have fallen 0.2 percent in July and is due at 8:30 a.m. ET
Canada’s main stock index rose to a one-week high on Tuesday as shares of banks and other financial sector companies climbed, while the energy sector weighed as oil prices hit six-week lows intraday.
Dow Jones Industrial Average e-mini futures were up 0.44 percent at 7:15 a.m. ET. S&P 500 e-mini futures rose 0.45 percent and Nasdaq 100 e-mini futures gained 0.55 percent.
Lending to Canadian small businesses edged up in July from the previous month, suggesting the prolonged weakness in business investment may be turning a corner, a report from PayNet showed on Wednesday.
Canadian Imperial Bank of Commerce, Canada’s fifth-biggest lender, has formed a strategic partnership with National Australia Bank and Israel’s Bank Leumi to work on new innovations.
New Gold Inc, which has unnerved shareholders this month by revising upward to over $1 billion the estimated cost of a mine it is building, is confident that this will be the last projected increase, Executive Chairman Randall Oliphant said on Tuesday.
ANALYST RESEARCH HIGHLIGHTS
Bank Of Montreal : Dundee starts with “neutral” rating; C$91 target price
Crescent Point Energy Corp : Desjardins cuts target price to C$24; rating “buy”
Teck Resources Ltd : Paradigm Capital raises target price to C$29 from C$23.75; rating “buy”
COMMODITIES AT 7:15 a.m. ET
Gold futures : $1,1319.8; +0.44 pct
US crude : $45.02 ; +2.20 pct
Brent crude : $46.79; +1.98 pct
LME 3-month copper : $4,757.00; -0.75 pct
U.S. ECONOMIC DATA DUE ON WEDNESDAY
1400 Fed funds target rate: Expected 0.375 pct; Prior 0.375 pct
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Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory
$1 = C$1.32 Reporting by Astha Rawat in Bengaluru; Editing by Maju Samuel
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