Bay Street Likely To Open Slightly Higher

(RTTNews) - Canadian shares may open with a slightly positive bias on Wednesday, tracking higher crude oil and bullion prices. U.S. consumer price inflation data is likely to make an impact on investor sentiment.

Loblaw Companies Limited (L.TO) reported adjusted net earnings of $767 million for the third-quarter, an increase of $48 million, or 6.7%, compared to a year ago.

Hudbay Minerals (HBM.TO) reported net earnings of $49.8 million, or $0.13 per share in the third quarter of 2024, compared to net loss of $16.6 million, or $0.05 per share in the year-ago quarter.

Maple Leaf Foods Inc. (MFI.TO) reported earnings for the third quarter of 2024 were $18 million ($0.14 per basic share) compared to a loss of $4 million ($0.04 loss per basic share) last year.

The Canadian market closed on a firm note on Tuesday thanks to strong gains in technology stocks after Shopify reported strong quarterly earnings and came up with encouraging revenue guidance.

The benchmark S&P/TSX Composite Index, which rose to a new all-time high of 25,024.93, ended the session with a gain of 133.73 points or 0.54% at 24,923.01.

Asian stocks hit two-month lows on Wednesday as investors fretted about the impact of U.S. President-elect Trump's proposed tariffs on inflation and interest rates. Trump's choice of China hawks in his Cabinet and China's faltering growth also kept investors on the sidelines.

Traders are currently pricing in about two Fed rate cuts through June, against almost four seen at the start of last week.

European stocks are weak, extending recent losses, amid concerns that Donald Trump's protectionist policies would put upward pressure on inflation and hamper global growth.

Eurozone bond yields pushed higher as investors awaited key U.S. consumer and producer inflation readings this week for hints of a possible Federal Reserve rate cut in December.

In commodities, West Texas Intermediate Crude oil futures are up $0.25 or 0.37% at $68.37 a barrel.

Gold futures are gaining $9.20 or 0.35% at $2,615.50 an ounce, while Silver futures are up $0.186 or 0.6% at $30.945 an ounce.