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Highlights
- At 7 AM EST, the S&P/TSX Composite Index was up by 0.1 per cent.
- Canadian fashion brand Aritzia (TSX:ATZ) will release quarterly results for the second quarter of fiscal 2022.
- A KPMG survey has revealed the small and medium enterprises in Canada are hoping for long-term growth.
Futures for Canada's S&P/TSX Composite Index on Wednesday, October 13, as gold prices saw a surge and investors focused on the much-awaited results for the third quarter earnings starting this week.
December futures on the main Canadian index were up by 0.1 per cent at 7 AM EST. The S&P/TSX Composite Index was up by 20.81 points or 0.1 per cent on October 12 and closed at 20437.12.
According to Dow Jones data, the index was up by about two per cent in the last five days and this was the largest five-day percentage gain since July 26, 2021.
The markets could open higher on Wednesday, October 13, as some positive developments could impact the market sentiments positively.
Let's take a look at events that could influence the Canadian markets:
US to open its doors for vaccinated Canadians.
After a gap of almost 20 months, the US government said on October 13 that it is opening the borders for fully vaccinated Canadian vacationers and day-trippers. As a result, Canadians will now be able to drive into the US early next month.
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This move is vital for the businesses that depend on the traffic across the Canada-US border. The travel restrictions due to the COVID-19 pandemic disrupted the economy, and decisions like these are expected to help the economy bounce back to the pre-pandemic levels.
Congressman Brian Higgins said that the cross-border exchange is essential to the binational relationship of both countries. In addition, two-way travel is mutually beneficial for businesses, economies, and citizens, said Mr Higgins.
Canadian small and medium enterprises set for long-term growth: Survey
The latest survey by the auditing firm KPMG has revealed that the small and mid-sized enterprises (SME) in Canada are optimistic about their long-term growth. The survey revealed that 92 per cent of the SMEs said they have the right strategies to grow in the next three years.
KPMG said that 85 per cent of businesses are working on adopting new technologies. More than half of companies are prioritizing tech investments, and digitization efforts could ensure the growth of the businesses.
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The survey report could influence tech stocks as the SMEs use technology to upgrade their businesses and recover in the post-pandemic conditions.
Aritzia (TSX:ATZ) to release Q2 2022 financial results
The Vancouver-based women's fashion brand will announce the quarterly financial results for the second quarter of fiscal 2022. The results will be announced after the market close on Wednesday, October 13.
Also Read: 3 Canadian growth stocks to buy for capital gains
In the first quarter of the fiscal year 2022, Aritzia's net revenue had increased by 121.7 per cent year-over-year (YoY) to C$ 246.9 million.
Bottom line
The developments could influence the market sentiments, and potential investors may track the main index's performance before making investments.
