TSX May Open Higher As Commodities Rise Ahead of Fed Minutes
Canada's benchmark index looked set to open higher on Wednesday, with commodity prices rising ahead of the release later in the day of the minutes of the Federal Open Market Committee's meeting.
Stock futures for the December quarter on the S&P TSX index were up 0.01% recently.
The Fed is expected to issue the minutes of its Dec. 13 and 14 policy meeting at 2 p.m. ET. As previously announced, the bank had delivered on its threat to boost the funds target range to 0.50% to 0.75%.
Meanwhile, oil prices were positive, and Action Economics said it suspects the market will consolidate inside of US$50-US$55 until it gets a better sense of how agreed OPEC/non-OPEC production cuts play out. Weekly API inventory data will be released after the close today, where expectations are for a 1.5 million barrel draw.
The TSX climbed 115 points on Tuesday, mostly lifted by materials.
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