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The Bank of Canada (BoC) is seen raising interest rates by another three-quarters of a percentage point to a fresh 14-year high, as stubbornly persistent inflation outweighs worries that the rapid pace of tightening will trigger a recession.
Traders are currently pricing in a 84.3% chance of a 75 bps hike to 4.0% after inflation data last week came in hotter than forecast. The decision is due at 10:00 a.m. ET.
Futures on the S&P/TSX index inched up 0.1% at 06:59 a.m. ET, although Wall Street futures tumbled after disappointing results from technology giants Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) raised fears of slowing economic growth. [.N]
The Toronto Stock Exchange’s S&P/TSX composite index closed at its strongest level in nearly three week on Tuesday as investors welcomed signs of a peak in the dollar amid hopes that the Federal Reserve will temper its ultra-hawkish stance in its fight against inflation. (TO)
Crude oil and precious metal prices ticked higher on Wednesday, aided by dollar weakness. [GOL/] [O/R]
In company news, FirstService (NASDAQ:FSV) Corp will report third-quarter results before markets open.
Canada on Tuesday imposed conditions on Rogers (NYSE:ROG) Communications’ proposed remedy to overcome competition bureau concerns about Rogers’ planned C$20 billion ($14.7 billion) purchase of rival Shaw Communications (NYSE:SJR).
($1 = 1.3554 Canadian dollars)
