Gains Forecast for Wednesday on TSX

Canada's benchmark stock index was set for a higher open on Wednesday, supported by higher crude oil prices amid easing worries of turmoil in the global banking sector.

The TSX managed to hold onto gains of 32.79 points to observe the closing bell Tuesday at 19,657.53.
March futures on the S&P/TSX index leaped 0.8% Wednesday morning.

The Canadian dollar picked up 0.10 cents to 73.65 cents U.S.

Among stocks, brokerage Credit Suisse upgraded its rating on oil transportation firm Enbridge to "neutral" from "underperform".

Finance Minister Chrystia Freeland on Tuesday presented a budget in parliament that was aimed at attracting investment in the low-carbon economy and also included a "grocery rebate" for 11 million low-income Canadians.

ON BAYSTREET

The TSX Venture Exchange captured 10.27 points, or 1.7%, Tuesday to 620.59.

ON WALLSTREET

U.S. stock futures rose Wednesday as traders looked to recover from a down session, with Treasury yields slipping.

Futures for the Dow Jones Industrials hopped 242 points, or 0.7%, to begin Wednesday at 32,828.

Futures for the S&P 500 hiked 34.75 points, or 0.9%, to 4,036.25.

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Futures for the NASDAQ Composite jumped 116.25 points, or 0.9%, to 12,848.75.

Lululemon shares popped 14% in the pre-market after the athletic apparel retailer beat Wall Street’s estimates for adjusted earnings and revenue. Meanwhile, Micron shares climbed more than 2% after the chipmaker posted its fiscal second-quarter figures.

The benchmark 10-year note yield dipped to 3.55%, and the short-term two-year rate slipped to 4.06%. Those declines come a day after both yields advanced, putting pressure on the broader stock market.

On the economic front, traders are awaiting the latest pending home sales data that’s set to release Wednesday after the open. Economists polled by Dow Jones forecast a decline of 3% in February, down from a rise of 8.1% the previous month.

In Japan, the Nikkei 225 gained 1.3% Wednesday, while in Hong Kong, the Hang Seng soared 2.1%.

Oil prices gained 90 cents to $74.10 U.S. a barrel.

Gold prices leaped $8.20 to $1,982.20 U.S. an ounce.