(Reuters) - Futures for Canada's resource-heavy main stock index rose on Wednesday as oil prices continued their march upward, while investors are ...
- Futures for Canada's resource-heavy main stock index rose on Wednesday as oil prices continued their march upward, while investors are looking toward U.S. economic data for more clarity on the Fed's interest rate path.Energy stocks could receive a boost on back of higher oil prices as investors focused on tightening supply heading into the winter, though weaker metal prices are likely to rein in gains on the wider index.
Gold fell to its lowest in over a month as markets braced for the prospect of U.S. interest rates staying higher for longer. The Toronto Stock Exchange's S&P/TSX composite index ended Tuesday at its lowest closing level since June 23, weighed down by weaker gold prices as the U.S. dollar gained strength.Canadian government bond yields also fell, with the yield on the 10-year note at 3.975%.
Investors now await a bunch of U.S. economic data, including the durable goods report for August, due at 8:30 a.m. ET. A key dataset on inflation and comments from Federal Reserve Chair Jerome Powell are also scheduled for later in the week. In corporate news, E-commerce giant Shopify is investing in wholesale platform Faire, but the deal value and stake details remain undisclosed.
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