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TSX May Open Higher on Oil Price Hike, GDP Data

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The TSX looked set to open higher on Wednesday, helped by rising crude oil prices and by upbeat GDP data out of Canada.

Stock futures for the December quarter on the S&P TSX index were up 0.3% recently.

Action Economics said NYMEX crude prices rose overnight despite the larger than expected API reported inventory build, although has since pulled back ahead of the EIA inventory report, due at 10:30 ET. Concerns over slowing global growth have weighed on prices through October. Going forward, Iran sanctions will remain a supportive factor, at least until the market gets a handle on the supply implications from the sanctions, AE added.

In economic news, real gross domestic product rose for a seventh consecutive month, edging up 0.1% in August, Statistics Canada reported. The result largely met expectations. Growth was concentrated in oil and gas extraction and finance and insurance, which more than offset declines in 12 of 20 industrial sectors.

The TSX surged by 172 points on Tuesday, with industrials leading 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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