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TSX May Open Higher; New Fed Chief Announcement In Focus

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Canada's benchmark index looked set to open higher on Thursday amid the anticipation for U.S. President Donald Trump's announcement of a new Federal Reserve chairman.

Stock futures for the December quarter on the S&P TSX index were up 0.1% recently.

Action Economics ( AE ) said Trump is expected to announce the new pick for Fed chairman at 3 pm ET, and the odds on favorite have the spot going to Powell, which has likely been priced into markets at this point.

Meanwhile, higher U.S. crude exports have weighed on oil prices , with the EIA reporting on Wednesday, that a record 2.13 million barrels per day were shipped from the U.S. in the latest reporting week. OPEC/NOPEC is expected to extend its production cuts through 2018 when the group meets later this month, which should put a floor under prices.

The TSX gained 3 points on Wednesday, with tech stocks limiting the advance.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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