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Bay Street Likely To Open Weak On Lower Commodity Prices
(RTTNews) - Canadian shares are likely to open on a negative note on Wednesday, weighed down by falling crude oil and bullion prices.
Interest rate concerns are likely to hurt as well.
On the economic front, data on Canadian raw materials prices and producer prices for the month of March are due at 8:30 AM ET.
In company news, Metro Inc (MRU.TO) reported second-quarter net earnings of $218.8 million, up 10.4% compared to the corresponding quarter in the previous year.
Despite turning in a somewhat lackluster performance, the Canadian market ended higher on Tuesday, extending its climb to an eighth straight session.
Stronger than expected Chinese GDP growth and some better than expected earnings from U.S. companies aided sentiment.
The benchmark S&P/TSX Composite Index, which moved in a tight range between 20,659.01 and 20,729.52, ended with a gain of 42.71 points or 0.21% at 20,684.68.
Asian markets ended mostly lower on Wednesday as renewed worries about the Fed's actions drained the euphoria that followed upbeat economic data from China. Sentiment remained muted ahead of release of the Fed's Beige book which would provide glimpses into the economic landscape in the U.S.
European stocks are slightly weak with investors digesting the latest inflation data for the U.K., and the euro area, and looking ahead to the release of the Fed's Beige book.
In commodities, West Texas Intermediate Crude oil futures are down $1.65 or 2.04% at $79.21 a barrel.
Gold futures are down $37.00 or 1.84% at $1,982.70 an ounce, while Silver futures are lower by $0.473 or 1.88% at $24.790 an ounce.
Australian Market Sharply Lower
TSX Sheds 1.1% As Stocks Tumble On U.S. Policy Uncertainty
Dollar Stays Weak Against Most Major Counterparts
Oil Futures Settle Slightly Higher
U.S. Dollar Weakens As Tariff Concerns Ease
Canadian Market Down Firmly In Negative Territory
Swiss Market Ends Moderately Lower
