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Futures Edge Higher

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Futures for Canada's main stock index were higher on Thursday, tracking a rise in U.S. futures, but gains were limited by weakness in commodity prices on concerns over a global recession from aggressive interest rate hikes.

The S&P/TSX stumbled 221.36 points, or 1.2%, to close Wednesday at 19,035.93.

September futures acquired 0.5% Thursday.

Scotiabank raised the target price on AGF Management to $8.00 from $7.75

National Bank of Canada cut the target price on Empire Company to $42.00 from $48.00.

Morgan Stanley cut the target price on First Quantum Minerals to $34.00 from $37.00

The Canadian dollar gained 0.04 cents to 77.18 cents U.S.

Bank of Canada Senior Deputy Governor Carolyn Rogers said on Wednesday that inflation in Canada was much too high and did not rule out a 75-basis-point increase at the central bank's July decision.

ON BAYSTREET

The TSX Venture Exchange remained lower 13.88 points, or 2.1%, to finish Wednesday at 639.09.

ON WALLSTREET

Stock futures rose on Thursday, as the market tried recover some of the steep losses suffered in 2022, even as Wall Street continued to weigh recession risks.

Futures for the Dow Jones Industrials jumped 120 points, or 0.4%, early Thursday to 30,591.

Futures for the S&P 500 improved 22.5 points, or 0.6%, to 3,785.25.

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Futures for the NASDAQ Composite index rocketed 91.75 points, or 0.8%, to 11,654.50.

The major averages came into Thursday’s session posting strong gains for the week. The S&P 500 and NASDAQ Composite are up more than 2% in that time, while the Dow has risen nearly 2%.

Federal Reserve Chair Jerome Powell is set to speak on monetary policy for a second day Thursday with congressional lawmakers. On Wednesday, Powell said the central bank is “strongly committed” to bringing down inflation. He also noted that a recession is a “possibility,” a fear that has continued to weigh on Wall Street.

UBS is the latest investment bank this week to raise its odds of a recession to 69%, citing lackluster data last week in housing, industrial production and capital goods.

Citigroup increased its odds of a recession to 50%, citing a slide in consumer demand that could make it more difficult for the Federal Reserve to achieve a soft landing.

Goldman Sachs said the probability of a downturn is “higher and more front-loaded” than it was previously. In a Monday note, the firm raised its bet of a U.S. recession to 30%, up from 15%, over the next year. It increased those odds to 48%, up from 35%, over the next two years.

On Thursday, investors will be looking forward to fresh jobless claims data.

In Japan, the Nikkei 225 nicked higher 0.1% Thursday. In Hong Kong, the Hang Seng gained 1.3%

Oil prices backtracked 18 cents to $106.01 U.S. a barrel.

Gold prices lost $6.30 to $1,832.10 U.S. an ounce.


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