Futures tied to Canada’s main stock index rose on Wednesday as gold prices gained due to higher demand in light of the escalating U.S.-China trade war.
The TSX dropped 291.34 points, or 1.1%, to conclude Monday at 25,241.76
March futures on the S&P/TSX index moved up 0.2% Wednesday.
The Canadian dollar climbed 0.24 cents to 69.99 cents U.S. early Wednesday.
In corporate news, ATS Corp reported third-quarter revenue above estimates.
Macroeconomically speaking, international merchandise trade figures for December rolled out from Statistics Canada.
In December, Canada’s merchandise exports increased 4.9% and imports were up 2.3%. As a result, Canada’s merchandise trade balance with the world went from a deficit of $986 million in November to a surplus of $708 million in December.
ON BAYSTREET
The TSX Venture Exchange regained 15.9 points, or 2.6%, Tuesday to 636.57.
ON WALLSTREET
Stock futures fell Wednesday after mixed quarterly figures from Alphabet and chipmaker AMD led the tech sector lower. A decline in Apple also put pressure on futures.
Futures for the Dow Jones Industrials backtracked 60 points, or 0.1% to 44,637.
Futures for the S&P 500 sank 25.5 points, or 0.4%, to 6,037.50.
Futures for the tech-heavy NASDAQ faltered 163.75 points, or 0.8%, to 21,506.50.
Alphabet shares tumbled 7% after the Google-parent posted a cloud revenue miss as it ramps up spending on artificial intelligence, spooking investors who worried the megacap tech company will take longer to capitalize on its AI ambitions. Overall revenue for the period also came up short.
AMD shares were also lower by 8% after the company’s fourth-quarter data center revenue came up short of expectations.
Adding to techs troubles was Apple, which dropped 2.7% after Bloomberg News reported that regulators in China were considering launching a formal investigation into the company’s App Store fees and policies.
This comes as trade tensions between China and the U.S. increase. Over the weekend, the U.S. unveiled a 10% levy on Chinese imports. China retaliated with tariffs of up to 15% on U.S. goods.
In Japan, the Nikkei 225 picked up 0.1% Wednesday, while in Hong Kong, the Hang Seng sank 0.9%.
Oil prices fell 78 cents to $71.92 U.S. a barrel.
Gold prices increased $18.66 to $2,894.40 U.S. an ounce.
Futures Drop on Earnings News
