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Futures Drop as Fed Caution Weighs
Canada's main stock index futures dipped on Wednesday as with investors brace for a near-certain raise U.S. interest rates and watch for signals from the Federal Reserve on how many more to expect for this year.
The S&P/TSX Composite Index gained 26.97 points to close Tuesday at 15,616.36.
The Canadian dollar vaulted half a cent to 76.98 cents U.S. early Wednesday
June futures dawdled 0.2% Wednesday.
First Quantum Minerals said on Tuesday that Zambia's tax agency had slapped it with a 76.5-billion-Zambian-kwacha ($8.04-billion U.S.) bill for unpaid import duties, a potentially huge blow for the Canadian miner that earns most its profit in the southern African country.
CIBC cut the price target on Alimentation Couche-Tard to $73.00 from $77.00
ON BAYSTREET
The TSX Venture Exchange sagged 4.23 points Tuesday to 831.21
ON WALLSTREET
U.S. stock index futures slipped ahead of Wednesday's open, as investors waited for an all-important meeting by the U.S. Federal Reserve.
Futures for the Dow Jones Industrial Average fell 39 points, or 0.2%, to 24,726.
S&P 500 futures let go of four points, or 0.2%, to 2,719.50 while futures on the NASDAQ Composite reversed 27.25 points, or 0.4%, to 6,890.25.
Looking to the corporate space, investors will be paying close attention to social media stocks after reports emerged alleging that Cambridge Analytica, an analytics company, had gathered data from 50 million Facebook profiles without the permission of its users.
In data, mortgage applications fell 1.1% last week despite a drop in rates. Other data set for release Wednesday include existing home sales at 10 a.m. ET.
Wednesday will see the conclusion of a two-day meeting by the Fed, where the Federal Open Market Committee (FOMC) will release its latest interest rate decision and give comments on the economy at 2 p.m. ET.
The meeting will be followed by a news conference, which will be headed up for the first time by the newly-appointed Fed Chair Jerome Powell.
The event is expected to see the central bank raises interest rates for the first time in 2018, with investors expecting an increase of 25 basis points.
Meanwhile, European stocks fell into the red nearing noon on the continent, while in Hong Kong, the Hang Seng Index slumped 0.4%. Japanese markets had the day off.
Oil prices took on 54 cents to $64.08 U.S. per barrel.
Gold prices gained $3.70 to $1,315.60 U.S. an ounce.
