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Futures Set to Clear Breakeven

Futures for Canada's main stock index inched higher on Wednesday, as strength in bullion prices on the back of subdued dollar offset weakness in crude.

The TSX Composite index gained 72.45 points to conclude the session Tuesday at 20,360.25

The Canadian dollar skidded 0.09 cents to 79.71 cents U.S.

September futures edged up 0.1% Wednesday.

Great-West Lifeco on Tuesday beat analyst estimates for second-quarter core profit, which rose from a year earlier driven by strong growth in
earnings from its U.S. business and higher equity markets.

On the economic slate, Statistics Canada reported the total value of building permits rose 6.9% to $10.3 billion in June.

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The agency added seven provinces contributed to the gain, led by Ontario, which jumped 22.7%. Construction intentions in the residential sector were up 9.1%, while the non-residential sector advanced 2.2%.

ON BAYSTREET

The TSX Venture Exchange squeezed ahead 0.16 points Tuesday to 925.79.

ON WALLSTREET

U.S. stock futures were little changed on Wednesday a day after the S&P 500 rose to another fresh record close.

Futures for the Dow Jones Industrials dropped 64 points, or 0.2%, to 34,936.

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Futures for the S&P 500 let go of six points, or 0.1%, to 4,409.

Futures for the NASDAQ Composite Index fell 2.25 points to 15,044

Shares of General Motors fell in pre-market trading, weighing on the broader market, after the automaker missed earnings expectations for the second quarter. The automaker did raise its guidance for a key profit metric for the rest of the year.

A strong earnings season continued after the bell Tuesday with Lyft and Caesars Entertainment reporting stronger-than-expected results for the second quarter and citing a rebound to pre-pandemic levels of activity. Travel stocks MGM Resorts, Wynn Resorts and Booking Holdings will report after the bell on Wednesday.

Investors will also be keeping an eye on employment data being released by ADP Wednesday that comes before the U.S. Labor Department’s official jobs report on Friday. The readings are expected to show a continued recovery in the labour market but come as the delta variant of COVID-19 has spread across the United States, leading to new restrictions and mass mandates from some local governments and companies.

Treasury Secretary Janet Yellen will say on Wednesday that enacting the trillion-dollar bipartisan infrastructure bill is key to keeping America’s status as the "world’s pre-eminent economic power." Her comments come as investors await the final details of the bill, which the Senate is currently haggling over.

Overseas, in Japan, the Nikkei 225 index dipped 0.2%, while in Hong Kong, the Hang Seng index galloped 0.9%,

Oil prices slid $1.19 to $69.37 U.S. a barrel.

Gold prices gathered $8.10 to $1,822.20 U.S. a pound.