Futures Jump on Commodity Prices
Futures for Canada's main stock index rose on Wednesday, buoyed by gains in commodity prices, while investors waited for a key U.S. inflation report and local economic data. The TSX recovered 52.26 points to close Tuesday to 24,588.58. The Canadian dollar was flat at 69.68 cents U.S. Wednesday. March futures sprang up 0.4% Wednesday. On the economic front, Statistics Canada said manufacturing sales increased 0.8% in November, mainly on higher production of aerospace products and parts as well as sales of petroleum and coal products. Sales of motor vehicle parts declined the most. Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) fell 0.2% to $83.7 billion in November. Motor vehicle sales declined in November to 160,900 from 164,800 in October. The Canadian Real Estate Association was due today also with MLS listings for December. ON BAYSTREET The TSX Venture Exchange gained 2.76 points Tuesday to 603.58. ON WALLSTREET Stock futures climbed on Wednesday after the latest consumer price index showed core inflation unexpectedly slowed in December. Futures for the Dow Jones Industrials jumped 200 points, or 0.5%, to 42,952. Futures for the S&P 500 Index gained 21 points, or 0.4%, to 5,903.25. Futures for the tech-heavy NASDAQ 74.75 points, or 0.4%, to 20,994.25. Fourth-quarter earnings reporting season got off to a positive start Wednesday. JPMorgan Chase shares jumped nearly 3% after the bank reported EPS of $4.81 for the last period, much higher than the $4.11 estimate from analysts polled by LSEG. Revenue also topped expectations. Fixed income trading and investment banking drove the results. Shares of Goldman Sachs added 1.5% after the bank posted a top- and bottom-line beat in the previous quarter. The investment bank’s earnings of $11.95 per share on $13.87 billion topped forecasts calling for $8.22 EPS and revenues of $12.39 billion, per LSEG. Wells Fargo shares climbed 3% after the bank said net interest income would be 1% to 3% higher in 2025. Meanwhile, Citigroup popped nearly 4% after beating fourth-quarter estimates. December’s consumer price index showed the core inflation rate, which excludes food and energy, rose 3.2%, the Bureau of Labor Statistics reported Wednesday. This was a notch down from the previous month and better than the 3.3% estimated by economists surveyed by Dow Jones. In Japan, the Nikkei 225 index dropped 0.1%, while in Hong Kong, the Hang Seng index gained 0.3%. Oil prices recovered 50 cents to $78.00 U.S. a barrel. Gold prices acquired $22.30 to $2,683 U.S. an ounce.
Futures for Canada's main stock index rose on Wednesday, buoyed by gains in commodity prices, while investors waited for a key U.S. inflation report and local economic data.
The TSX recovered 52.26 points to close Tuesday to 24,588.58.
The Canadian dollar was flat at 69.68 cents U.S. Wednesday.
March futures sprang up 0.4% Wednesday.
On the economic front, Statistics Canada said manufacturing sales increased 0.8% in November, mainly on higher production of aerospace products and parts as well as sales of petroleum and coal products. Sales of motor vehicle parts declined the most.
Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) fell 0.2% to $83.7 billion in November.
Motor vehicle sales declined in November to 160,900 from 164,800 in October.
The Canadian Real Estate Association was due today also with MLS listings for December.
ON BAYSTREET
The TSX Venture Exchange gained 2.76 points Tuesday to 603.58.
ON WALLSTREET
Stock futures climbed on Wednesday after the latest consumer price index showed core inflation unexpectedly slowed in December.
Futures for the Dow Jones Industrials jumped 200 points, or 0.5%, to 42,952.
Futures for the S&P 500 Index gained 21 points, or 0.4%, to 5,903.25.
Futures for the tech-heavy NASDAQ 74.75 points, or 0.4%, to 20,994.25.
Fourth-quarter earnings reporting season got off to a positive start Wednesday. JPMorgan Chase shares jumped nearly 3% after the bank reported EPS of $4.81 for the last period, much higher than the $4.11 estimate from analysts polled by LSEG. Revenue also topped expectations. Fixed income trading and investment banking drove the results.
Shares of Goldman Sachs added 1.5% after the bank posted a top- and bottom-line beat in the previous quarter. The investment bank’s earnings of $11.95 per share on $13.87 billion topped forecasts calling for $8.22 EPS and revenues of $12.39 billion, per LSEG.
Wells Fargo shares climbed 3% after the bank said net interest income would be 1% to 3% higher in 2025. Meanwhile, Citigroup popped nearly 4% after beating fourth-quarter estimates.
December’s consumer price index showed the core inflation rate, which excludes food and energy, rose 3.2%, the Bureau of Labor Statistics reported Wednesday. This was a notch down from the previous month and better than the 3.3% estimated by economists surveyed by Dow Jones.
In Japan, the Nikkei 225 index dropped 0.1%, while in Hong Kong, the Hang Seng index gained 0.3%.
Oil prices recovered 50 cents to $78.00 U.S. a barrel.
Gold prices acquired $22.30 to $2,683 U.S. an ounce.
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