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Futures edge up through growth concerns remain

Baystreet.ca
Futures for Canada's main stock index edged higher on Wednesday, but gains were kept in check by fears ...

Futures for Canada's main stock index edged higher on Wednesday, but gains were kept in check by fears around global economic growth.

The S&P/TSX Composite Index slumped 92.12 points to conclude Tuesday at 15,854.05

The Canadian dollar dropped 0.11 cents to 77.15 cents U.S. early Wednesday

December futures added 0.1% Wednesday

The International Monetary Fund on Tuesday cut its world Gross Domestic Product forecasts for the first time in two years and slashed expectations for emerging markets for 2019.

Parkland Fuel Corp. said it would buy a 75% stake in privately held SOL Investments Ltd and its units for $1.57 billion. Desjardins raised the target price on Parkland shares to $47.00 from $46.00

Enbridge said a natural gas transmission pipeline ruptured in a rural area north of Prince George, B.C. on Tuesday, prompting precautionary evacuations.

Eight Capital cut the target price on Frontera Energy Corp. to $24.50 from $26.50

On the economic slate, Statistics Canada reported Canadian municipalities issued $8.1 billion worth of building permits in August, up 0.4% from July. Strength in the non-residential sector drove the increase, while the residential sector declined for the third consecutive month.

ON BAYSTREET

The TSX Venture Exchange lost 2.73 points Tuesday to 702.96

ON WALLSTREET

U.S. stock index futures fluctuated ahead of Wednesday's open as investors kept an eye on interest rates.

Futures for the Dow Jones Industrials faded 33 points, or 0.1%, to 26,448

S&P 500 futures stepped back 6.5 points, or 0.2%, to 2,881.75, while futures for the NASDAQ composite lost 34.5 points, or 0.5%, to 7,364.50

On the corporate front, Fastenal is set to publish its latest earnings results.

Elsewhere, investors will be bracing for any news out of the political sphere, as the midterm elections – due in November – draw closer.

In the U.S., mortgage applications fell 1.7% last week following the move up in interest rates. Other data set for release Wednesday include the producer price index (PPI) and wholesale trade.

Overseas, in Japan, the Nikkei 225 gained 0.2% Wednesday, while in Hong Kong, the Hang Seng nicked higher 0.1%

Oil prices slid 18 cents to $74.78 U.S. a barrel.

Gold prices backtracked $2.10 to $1,184.20 U.S. an ounce.