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TSX Declines on Oil Prices

Futures for Canada's main index fell on Wednesday, as oil prices slipped over demand concerns.

The S&P/TSX fell 68.87 points to finish Tuesday at 16,798.33

The Canadian dollar dipped 0.21 cents to 75.32 cents U.S. early Wednesday

December futures dropped 0.2% early Wednesday.

Lithium Americas has cut its budget and production target for a proposed Nevada mine amidst growing concern of a global supply glut for the white metal, a key ingredient used to make electric vehicle batteries.

Enbridge said on Tuesday it had received a permit from the U.S. Army Corps of Engineers to install 54 steel supports along its underwater Line 5 pipeline in Michigan's Straits of Mackinac.

CIBC initiated coverage of Torex Gold Resources with neutral rating and price target of $20.50

BMO cut the target price on Canadian Pacific Railway to $330 from $335

BMO raised the target price Trisura Group to $34.00 from $32.00

ON BAYSTREET

The TSX Venture Exchange deleted 6.54 points Tuesday to 583.44

ON WALLSTREET

Stocks were set to edge lower on Wednesday, after House Speaker Nancy Pelosi said she will launch a formal impeachment inquiry on President Donald Trump.

Futures for the Dow Jones Industrials stumbled 16 points, or 0.1%, early Wednesday to 26,082

Futures for the S&P 500 lost two points, or 0.1%, at 2,968.25

NASDAQ Composite sank 11.25 points, or 0.2%, to 7,724

On Tuesday, the S&P 500 and NASDAQ posted their biggest one-day declines in a month in anticipation of the impeachment inquiry. The Dow also dropped 142 points, or 0.5%.

A surge in Nike shares helped cap the losses as the shoe maker reported better-than-expected quarterly results. CEO Mark Parker said a stronger e-commerce business and products such as the new Joyride running shoe lifted the Nike's results. Nike shares jumped 5.7%.

Pelosi's announcement follows a call in which Trump allegedly pressured Ukrainian President Volodymyr Zelensky to investigate former Vice President Joe Biden's family. Trump has admitted to bringing up Biden on the call — tweeting he will release a transcript of it — but denies pressuring Zelensky.

Trump said Pelosi's comments constitute "A total Witch Hunt!"

Overseas, in Japan, the Nikkei 225 declined 0.4% Wednesday, while in Hong Kong, the Hang Seng index got clobbered 1.3%

Oil prices dipped $1.05 to $56.24 U.S. a barrel.

Gold prices fell $5.30 to $1,534.90 U.S. an ounce.

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