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Futures Flat on COVID Worries

Jan 13, 2021 (Baystreet.ca via COMTEX) --

Canada's main stock index futures were flat on Wednesday, mirroring subdued moves across global markets, as optimism from gains in oil prices was offset by concerns around rising global COVID-19 cases.

The TSX added 51.35 points to end Tuesday's session at 17,985.80.

The Canadian dollar dropped 0.12 cents to 78.57 cents U.S.

March futures were down 0.04% Wednesday.

European retail giant Carrefour has received a surprise merger approach from Canadian convenience-store operator Alimentation Couche-Tard, sending the French company's shares up 13%.

CIBC cut the rating on Capital Power to neutral from outperform.

CIBC cut the rating on Northland Power to neutral from outperform.

CIBC cut the rating on Transalta Renewables to underperform from neutral.

ON BAYSTREET

The TSX Venture Exchange gained 13.28 points, or 1.5%, Tuesday to 898.61.

ON WALLSTREET

U.S. stock index futures fell slightly on Wednesday as the market struggled for direction for a second day amid rising rates, political uncertainty and a still raging pandemic.

Futures for the Dow Jones Industrials gave back 78 points, or 0.3%, to 30,896.

Futures for the S&P 500 sank 14.25 points, or 0.4%, at 3,780.25.

Futures for the NASDAQ Composite dipped 42.75 points, or 0.3%, to 12,847.50.

Investors will be watching the December Consumer Price Index report released on Wednesday at 8:30 a.m. for any clues about rising inflation that could drive rates even higher.

Expectations for additional fiscal stimulus is one of the reasons behind the steady move higher in yields. President-elect Joe Biden is expected to release details on his economic plan on Thursday.

The moves come as turmoil in Washington continues. Vice President Mike Pence said Tuesday night he will not remove President Donald Trump from office. That came before the Democratic-held House approved a resolution urging Pence and the Cabinet to push Trump out of the White House after he incited last week's riot on the Capitol.

The House of Representatives plans to vote on Wednesday to impeach Trump for a second time.

Overseas, in Japan, the Nikkei 225 jumped 1%, while in Hong Kong, the Hang Seng index pointed down 0.2%.

Oil prices gained 19 cents to $53.40 U.S. a barrel.

Gold prices increased $8.80 at $1,853 U.S.

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