(Reuters) - Futures for Canada's main stock index inched up on Wednesday, buoyed by a slight uptick in copper prices, while investors maintained ...
- Futures for Canada's main stock index inched up on Wednesday, buoyed by a slight uptick in copper prices, while investors maintained caution ahead of the U.S. Federal Reserve's interest rate decision expected later in the day.Investors have been largely in a risk-averse mood after Canada's annual inflation jumped higher than expected in August, fueling speculations that the Bank of Canada will raise interest rates yet again.
Copper prices rose on Wednesday but moved in small ranges, with rising inventories capping any strong gains, amid caution ahead of the Fed's decision at 2 p.m. ET. [MET/L] Money markets have priced in a 99% probability that the U.S. central bank will maintain its key rate in the range of 5.25%-5.50%, but the focus will be on the Fed chair Jerome Powell's comments for clues on the outlook for rates and inflation.
U.S. futures edged higher, even though gains were capped by worries over the economic fallout of rates staying higher for longer.[.N] The Toronto Stock Exchange's S&P/TSX composite index on Tuesday ended 273.94 points, or 1.3%, lower at 20,218.89, its biggest decline since August 15 after domestic inflation data came out. [.TO]Brent crude: $93.49; -0.9% [O/R]Canadian dollar and bonds report [CAD/] [CA/]
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