Bay Street Likely To Open Slightly Weak

(RTTNews) - Canadian shares may open a bit weak on Wednesday, weighed down by lower metal prices and caution ahead of the release of the minutes from the Federal Reserve's most recent policy meeting.

Alimentation Couche-Tard Inc (ATD.TO) will be in focus on reports Japan's Seven & I Holdings received a revised takeover bid of around $47 billion from the company, compared with $38.5 billion earlier.

Canopy Growth Corporation (WEED.TO) announced that Canopy USA has completed its acquisition of Wana. Canopy USA now owns 100% of Wana, including Wana Wellness, The CIMA Group, and Mountain High Products.

The Canadian market ended marginally down on Tuesday after languishing in negative territory right through the day's trading session, as investors awaited fresh economic data, and quarterly earnings updates.

Weak crude oil and gold prices weighed on energy and materials shares, contributing to market's weakness.

The benchmark S&P/TSX Composite Index ended down 30.20 points or 0.13% at 24,072.51. The index touched a low of 23,969.27 and a high of 24,083.13 in the session.

Asian stocks turned in a mixed performance on Wednesday as China's stimulus rally fizzled out, the conflict in the Middle East persisted and investors awaited Federal Reserve meeting minutes as well as U.S. inflation data for interest rate clues.

Chinese stocks plunged as investors booked profits after recent rallies. The benchmark Shanghai Composite index slumped 6.6% after officials failed to boost confidence in stimulus plans aimed at reviving the economy.

European stocks are modestly higher in cautious trade ahead of Fed minutes.

In commodities, West Texas Intermediate crude oil futures are down slightly at $73.53 a barrel.

Gold futures are up $4.50 or 0.17% at $2,639.90 an ounce, while Silver futures are gaining $0.375 or 1.2% at $30.975 an ounce.