TSX in Green Awaiting Fed Decision
Canada's main stock index rose in broad-based gains on Wednesday, rebounding from the previous session's losses, as attention shifted to a crucial interest rate decision by the U.S. Federal Reserve, due later in the day.
The TSX Composite Index was higher by 48.2 points to move into Wednesday afternoon at 26,589.68
The Canadian dollar poked ahead 0.05 cents to 73.12 cents U.S.
On the markets side, utilities and the energy sector were the only two trading in red.
Bausch Health Companies jumped 63 cents, or 8.1%, to $8.43, topping the index's gains after U.S. investment firm Paulson & Co reported a 8.9% stake in the global pharmaceutical company.
Keyera Corp advanced $2.12, or 5%, to $44.19, after the oil and gas refining firm said on Tuesday it has agreed to buy substantially all of U.S.-based Plains' Canadian natural gas liquids business.
Meanwhile, the Group of Seven nations meeting ended with the members struggling to find unity over the conflict in Ukraine while Canada promised more aid to the country.
Earlier this week, Prime Minister Mark Carney said he had agreed with U.S. President Donald Trump that their two nations should try to wrap up a new economic and security deal within 30 days.
Carney also invited non-G7 members Mexico, India, Australia, South Africa, South Korea and Brazil, as he tries to shore up alliances elsewhere and diversify Canada's exports away from the United States.
ON BAYSTREET
The TSX Venture Exchange eked ahead 0.06 points to 722.90
All but two of the 12 TSX subgroups were higher Wednesday, with health-care haler 2.2%, real-estate improving 0.8%, and financials ahead 0.7%.
The lone laggards were in energy, down 0.9%, and utilities, off 0.4%.
ON WALLSTREET
U.S. stocks rose on Wednesday as traders monitor the latest developments in the Middle East and brace for the Federal Reserve’s latest rate policy decision.
The Dow Jones Industrials soared 175.89 points as Wednesday morning became afternoon at 42,391.69.
The S&P 500 index picked up 25.67 points to 6,008.39.
The NASDAQ Composite strengthened 114.25 points, to 19,634.54.
Meta Platforms is reportedly poaching staff from OpenAI with lucrative signing bonuses that have totaled as much as $100 million U.S. Meta shares galloped $2.89 to $700.12.
Stocks are coming off a downbeat session Tuesday as the Israel-Iran conflict mounted.
The attacks between the two countries entered their sixth day Wednesday as Iran’s supreme leader, Ayatollah Ali Khamenei, said that Iran won’t surrender and warned that the U.S. will “undoubtedly be met with irreparable damage” if it enters the conflict.
This comes after President Donald Trump took to his Truth Social platform Tuesday to threaten the Iranian leader, saying that “our patience is wearing thin” and calling for “UNCONDITIONAL SURRENDER!” Current and former administration officials also told NBC News that Trump is weighing options on Iran, including whether to launch a military strike.
The Federal Reserve’s rate decision is due at 2 p.m. ET. The U.S. central bank is widely expected to hold rates steady, but investors will be keeping a close eye on Fed Chair Jerome Powell’s post-meeting comments.
Prices for the 10-year Treasury were higher, pushing yields lower to 4.35% from Tuesday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices dropped 79 cents to $74.05 U.S. a barrel.
Gold prices regained five dollars to $3,411.90 U.S. an ounce.
