Futures Down Wednesday

(MENAFN- Baystreet)

Futures tied to Canada’s main stock index dipped on Wednesday as investors monitored the latest developments in the Iran war, while awaiting key U.S. inflation data due later in the day.
The TSX was positive 81.33 points by the close Tuesday at 33,270.65.
March futures receded 0.2% Wednesday.
The Canadian dollar inched higher 0.1 cents U.S.
International Energy Agency’s decision on plans to release crude reserves that could offset potential supply shocks. Two sources told Reuters that the oil release could total 400 million barrels.
Amid the recent swings in oil prices, Canadian energy stocks have emerged the strongest performers so far this year, while information technology has remained a laggard.
Focus would be on shares of goeasy, which sank more than 56% on Tuesday after projecting an incremental charge-off of $178 million against its $5.5-billion-loan book in the fourth quarter. At least two brokerages downgraded their rating on the stock, while several cut their price targets.
ON BAYSTREET
The TSX Venture Exchange marched ahead 26.11 points, or 2.5%, Tuesday to 1,089.54.
ON WALLSTREET
Stock futures were relatively unchanged on Wednesday as investors awaited key consumer inflation data as well as continued to monitor the U.S.-Iran war and oil prices.
Futures for the Dow Jones Industrials lost 69 points, or 0.1%, to 47,676.
Futures for the S&P 500 index dipped 4.25 points, or 0.1%, to 6,783.
Futures for the NASDAQ dropped 17 points, or 0.1%. to 24,065.
Oracle shares were a bright spot Wednesday, jumping 9% after the software vendor’s earnings and revenue for the fiscal third quarter exceeded analysts’ expectations. The company also raised its fiscal 2027 revenue forecast.
West Texas Intermediate futures climbed 4% to around $87 per barrel. Brent crude also traded 4% higher at $91 per barrel. However, investors got some relief from the prospect of a major reserve release from countries as the conflict continues.
In a Wednesday morning note, analysts at Goldman Sachs said the IEA’s proposed oil release would offset 12 days of their estimated 15.4 million barrels per day of export disruption. They said this could take $7 off of oil prices, assuming 50% of the emergency stock releases remain in OECD commercial storage.
The United Kingdom Maritime Trade Operations also said Wednesday that three cargo ships off Iran’s coast, one of which was in the Strait, have been struck by projectiles.
This comes after President Donald Trump said earlier this week that the war will end“very soon.”
Investors are also awaiting February’s consumer price index due Wednesday, seeking clues on the strength of the U.S. market and economy, particularly after signs of a weakening labor market have grown in recent months.
Economists polled by Dow Jones anticipate that headline CPI rose 2.4% on a year-over-year basis.
In Japan, the Nikkei 225 gained 1.4% Wednesday, while in Hong Kong, the Hang Seng dipped 0.2%.
Oil prices gathered $3.10 to $86.55 U.S. a barrel.
Gold prices slid $56.30 to $5,185.80 U.S an ounce.

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