Credit: Shutterstock photoCanada's benchmark index looked set to open higher on Wednesday, mirroring global markets, amid anticipation of a third interest rate increase by the U.S. Federal Reserve this year.
The Federal Open Market Committee is closing its two-day policy meeting and is expected to release the minutes of the meeting at 2 p.m. ET. Action Economics said the focus will be on the SEP (Summary of Economic Projections), and especially the dot plot.
Energy stocks are also expected to drive gains after oil prices got a boost when the API reported a large 7.4 million barrel weekly inventory draw. Expectations had been for about a 3 million barrel decline. Builds in both gasoline and distillate stocks however, curbed crude's upside. Traders will look to the 10:30 a.m. ET EIA inventory report for corroboration.
The TSX gained 10 points on Tuesday, led higher by materials, financials, and consumer stocks.
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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.
