Futures tracking Canadian stocks edged lower on Wednesday as rising oil prices rekindled inflation concerns ahead of the Bank of Canada’s policy decision later in the day. The oil rally resumed after an attack on a refinery in Saudi Arabia, reviving worries about energy-driven inflation and the prospect of interest rates staying higher for longer. The Bank of Canada is widely expected to raise its benchmark interest rate by 25 bps as a pre-emptive step to prevent energy-led price pressures from spreading more broadly through the economy, weighing on credit-sensitive stocks.
In contrast, the U.S. Federal Reserve is expected to keep interest rates unchanged.
On the corporate front, several miners are set to report earnings today, including Agnico Eagle, Alamos, First Quantum, and Kinross. Fairfax and Teck Resources are also scheduled to release results. Canadian Natural, Imperial Oil, and Cameco are due to report on Thursday.
Elsewhere in the energy sector, Tamarack Valley raised its average production forecast for 2026, while Trican Well Service posted higher third-quarter profit.
