Futures Unchanged After U.S. Rate Hike

Stock futures for Canada’s main stock index on Thursday were flat after the U.S.Federal Reserve raised interest rates on Wednesday and as the European Central Bank prepared to wind down its 2.55-trillion-euro stimulus programme.

The S&P/TSX Composite Index forfeited 23.16 points to end Wednesday 16,265.82

The Canadian dollar dipped 0.01 cents to 77.07 centsU.S. early Thursday

June futures were down 0.2% Thursday

Canadian National Railway said it plans to invest around $210 million in Quebec this year to expand its railway network across the province.

Enbridge Inc started construction of the offshore border crossing section of its $1.6-billion Valley Crossing natural gas pipeline between Texas and Mexico, according to a U.S. federal filing made available on Wednesday.

National Bank of Canada raised the price target on Altagas Ltd. to $29 from $28

Barclays raised the target price on Canada Goose Holdings to $64.00 from $50.00

On the economic ledger, Statistics Canada reported new house prices in Canada were unchanged for a second consecutive month, despite increases in some pockets across the country.

Italy will not ratify the European Union’s free trade agreement with Canada because it does not ensure sufficient protection for the country’s specialty foods, new Agriculture Minister Gian Marco Centinaio said in a newspaper interview.

ON BAYSTREET

The TSX Venture Exchange gave back 2.26 points to 760.17

ON WALLSTREET

U.S. stock futures rose slightly on Thursday as a slew of potential deal making news lifted shares of media companies.

Futures for the Dow Jones Industrials increased 67 points, or 0.3%, to 25,275

S&P 500 futures gathered 6.75 points or 0.2%, to 2,785.75, while futures for the NASDAQ composite index picked up 22.25 points, or 0.3%, to 7,253.25

In the pre-market, shares of 21st Century Fox rose nearly 1% after Comcast announced a bid to buy several major units of the media giant for $65 billion. Comcast’s bid tops Disney’s, who agreed to a $52.4-billion deal.

The news comes a day after a judge approved AT&T’s acquisition of Time Warner. Last year, the Justice Department sued to block the merger, arguing it would potentially lead to higher prices for the consumer. AT&T shares rose 0.5%, while Time Warner gained 0.3%.

Thursday’s moves come after U.S. stocks closed lower after the Federal Reserve announced Wednesday a new rate hike and indicated that two other increases are possible until the end of the year. As a result, the Dow fell about 120 points as traders expect that the higher rates will bring higher costs for companies.

In Japan, the Nikkei 225 retreated 1% Thursday, while in Hong Kong, the Hang Seng Index dipped 0.9%

Oil prices moved higher 43 cents to $67.07U.S. per barrel.

Gold prices improved $10.40 to $1,311.70U.S. an ounce.

This article provided by NewsEdge.