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Commodities Surge as Fed Minutes Loom
18 Feb
Summary
- Futures for Canada's main stock index rose on Wednesday.
- Spot gold and silver prices climbed ahead of Fed minutes.
- Canadian home sales dropped 5.8% in January due to winter storm.
Futures for Canada's main stock index indicated a rise on Wednesday, bolstered by a recovery in gold and oil prices. This follows a dip on Tuesday, where declines in commodity prices weighed on mining and energy sectors. Investors are keenly awaiting the U.S. Federal Reserve's January meeting minutes for insights into future monetary policy.
Precious metals saw gains, with spot gold increasing by 0.7% and silver by 2.9%, while copper prices also experienced a rebound. Oil prices, after a significant slump the previous day, showed a 0.5% increase for Brent crude and West Texas Intermediate.
Domestically, Canadian home sales fell by 5.8% in January, largely due to a severe winter storm. In corporate news, iA Financial reported fourth-quarter profits below estimates, while IAMGOLD's quarterly revenue surpassed expectations. Additionally, Agnico Eagle announced further investment in Maple Gold Mines.
