Baystreet.ca – Futures tied to Canada’s main stock index were muted on Wednesday, as investors remained cautious about the size of an later in the day.
The let gains it had accumulated during the day slip away and fell 24.37 points to close Tuesday at 23,677.70, after hitting an all-time record. The index ended its win streak at four sessions. The TSX is up 13.3% for the year.
The nicked up 0.05 cents to 73.61 cents U.S.
Futures eased 0.1%.
In corporate news, Barrick Gold (NYSE:) suspended operations at its Porgera gold mine in Papua New Guinea until Thursday after tribal violence in the region killed at least 20.
In the economic docket, Statistics Canada reported foreign investors increased their exposure to Canadian securities by $11.0 billion in July. Meanwhile, Canadian acquisitions of foreign securities slowed to $4.5 billion, down from a $16.4 billion investment in June.
ON BAYSTREET
The Exchange forged ahead 0.3 points Tuesday to 582.35.
ON WALLSTREET
Stock futures rose slightly Wednesday as Wall Street anticipated the first Federal Reserve interest rate cut in four years. Gains were muted as uncertainty lingered over how big the easing will be from the central bank.
Futures for the gained 39 points, or 0.1% to 42,077.
Futures for the S&P 500 inched forward 4.75 points, or 0.1%, at 5,705.25.
Futures for the NASDAQ advanced 28.25 points, or 0.2%, to 19,704.
The Fed is expected to deliver its latest policy decision at 2 p.m. ET. The central bank is expected to lower rates by at least a quarter percentage point, but traders are divided over how big the reduction will be. CME Group’s FedWatch tool shows traders pricing in a 65% chance of a half-point cut and 35% odds of a quarter-point move.Wednesday note.
The ushering in of a cutting cycle is expected to shore up a stalling economy and further boost an already strong market, with the S&P 500 at a record following an 18% gain this year. The benchmark has averaged gains of about 16% in the 12 months following the first cut, according to data from Canaccord Genuity (TSX:).
In Japan, the took on 0.5% Wednesday, while markets in Hong Kong were closed for holiday.
Oil prices slid 64 cents to $70.55 U.S. a barrel.
prices gained $11.60 to $2,604
