June futures on the S&P/TSX were down 0.7% at 7:00 a.m. ET.
Oil prices fell as recession fears gripped global financial markets, outweighing supply concerns and geopolitical tensions in Europe, while gold prices fell as the dollar hit a two-decade high. [O/R] [GOL/]
The Toronto Stock Exchange’s S&P/TSX composite index ended down 0.3% at 19,837.25 on Wednesday, its lowest closing level since July 2021. [.TO]
The index is now down 10.2% from its March 29 closing high. A correction is confirmed when an index closes 10% or more below its closing high.
Meanwhile, investor sentiment was also pressured by data showing a rise in the U.S. consumer price index, fueling fears that aggressive policy tightening by central banks to curb galloping inflation pushes the economy into recession.
Dow e-minis were down 174 points, or 0.55%, as of 7:00 a.m. ET, while S&P 500 e-minis were down 28.25 points, or 0.72%, and e-minis Nasdaq 100 minis were down 140.5 points, or 1.17%. [.N]
TOP STORIES [TOP/CAN]
Canada’s largest life insurers Manulife Financial and Sun Life Financial on Wednesday reported lower core profits than a year ago as the COVID-19 pandemic impacted their profits in Asia , with Manulife also missing estimates.
ANALYSTS RESEARCH HIGHLIGHTS [RCH/CA]
Boyd Group Services Inc: CIBC reduces target price from C$175 to C$168.
Cronos Group Inc: Jefferies raises target price from CA$3.70 to CA$4.30.
Goeasy Ltd: CIBC reduces target price from CA$200 to CA$180.
AMENITIES 7:00 a.m. ET
Gold futures: $1848.5; -0.28% [GOL/]
US Crude Oil: $103.92; -1.66% [O/R].
Brent oil: $105.67; -1.68% [O/R]
US ECONOMIC DATA FORECAST FOR THURSDAY
0830 Initial jobless claim: Expected 195,000; Prior 200,000
0830 Clm average unemployment 4 weeks: Prior 188,000
0830 Application for unemployment benefits: Expected 1,380 mln; Previous 1.384 mln
0830 PPI Machine Manufacturing for Apr: Prior 161.4
0830 PPI final demand year-on-year for April: expected 10.7%; anterior 11.2%.
0830 PPI final demand in mm for Apr: expected 0.5%; anterior 1.4%.
0830 PPI exfood/energy yy for Apr: Expected 8.9%; Previous 9.2%.
0830 PPI exfood/energy mm for Apr: expected 0.6%; previous 1.0%.
0830 IPP excluding food/energy/annual transport for April: Prior 7.0%
0830 PPI ex power/energy/transport mm for avr: Prior 0.9%
FOR NEWS FROM CANADIAN MARKETS, CLICK ON THE CODES:
TSX Market Report [.TO]
Canadian dollar and bond report [.CAD/] [CA/].
Reuters Global Equity Survey for Canada
Canadian Markets Directory
($1= C$1.30)