Futures tied to Canada’s main stock index rose on Wednesday, as investors focused on a potential de-escalation in the U.S.-China trade war and the Federal Reserve’s ongoing monetary policy meeting.
The TSX Composite Index held onto gains of 21.2 points to wrap up Tuesday at 24,974.72.
June futures were up 0.7% Wednesday.
The Canadian dollar gave back 0.07 cents to 72.54 cents U.S.
Prime Minister Mark Carney visited the White House on Tuesday for his first meeting with U.S. President Donald Trump and termed the discussion as constructive.
Trump told reporters the meeting was “great,” noting that he and Carney got along. However, he provided no details on any potential shifts in the trade policy between the two nations.
Meanwhile, Washington announced late on Tuesday that representatives of the U.S. and China will meet over the weekend in Switzerland for talks, which could lead to the first step in resolving a trade war disrupting the global economy.
On the corporate front, Barrick Mining reported first-quarter profit above estimates, driven by a rise in gold prices.
ON BAYSTREET
The TSX Venture Exchange added 9.51 points, or 1.5%, Tuesday to 655.55.
ON WALLSTREET
Stock futures advanced Wednesday as investors monitored the latest updates on U.S. trade negotiations and looked toward the Federal Reserve interest rate announcement expected later in the day.
Futures for the Dow Jones Industrials popped 308 points, or 0.8% to 41,224.
Futures for the S&P 500 index spiked 39.75 points, or 0.7%, to 5,665.50
Futures for the NASDAQ jumped 144.5 points, or 0.7%, to 20,021.
Tuesday night’s moves follow a losing day on Wall Street. The Dow lost nearly 390 points, or 1%. The S&P 500 docked about 0.8% and NASDAQ slid about 0.9%.
Futures took a leg up on news that U.S. Treasury Secretary Scott Bessent and top trade official Jamieson Greer would meet with their Chinese counterparts this week in Switzerland.
Investors took that as a positive on the trade front after the turbulent market action following President Donald Trump’s tariff announcement last month.
That action comes as investors gear up for the Fed’s interest rate decision slated for 2 p.m. ET. Fed funds futures are pricing in a nearly 97% likelihood that the central bank holds the borrowing rate steady.
In Japan, the Nikkei 225 index sank 0.1%, while in Hong Kong, the Hang Seng crept up 0.1%.
Oil prices acquired 50 cents to $59.59 U.S. a barrel.
Gold prices slipped $27.60 to $3,395.20 U.S. an ounce.