# TSX futures edge up as Fed rate cut expectations rise ## Canada's main stock index seen advancing on Wednesday ### Higher oil prices, positive sentiment in global equities contribute to bullish outlook August 23, 2023 - TSX futures edged up on Wednesday, signaling a positive start for Canada's main stock index as expectations of a rate cut by the U.S. Federal Reserve buoyed investor sentiment. The S&P/TSX Composite Index futures contract was up 0.3% at 7:00 a.m. ET. The positive sentiment in global equities and higher oil prices also contributed to the bullish outlook for the TSX. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.9%, hitting its highest level since late July. European stocks also rose, with the pan-European STOXX 600 index gaining 0.5%. Oil prices, a key driver of the Canadian economy, climbed on Wednesday as concerns about tight global supply amid a potential European Union ban on Russian oil outweighed recession fears. Brent crude futures rose 1.5% to $100.55 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 1.4% to $94.30 a barrel. The positive developments on the economic and corporate fronts have boosted investor confidence, leading to expectations of a strong start for the TSX on Wednesday.
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