Bay Street May Open On Positive Note

(RTTNews) - Canadian shares are likely to open higher on Wednesday, tracking firm crude oil and marginally higher gold prices. The focus is on the Federal Reserve's interest rate decision due later in the day.

The Fed is widely expected to lower interest rate by 25 basis points. The central bank's Summary of Economic Projections and a press conference by Fed Chair Jerome Powell could signal changes in the size and pace of projected future rate cuts.

Organigram Holdings Inc. (OGI.TO) reported a narrower net loss for the fourth quarter, helped by increased revenue and a decline in costs. For the three-month period to September 30, the firm recorded a net loss of C$5.433 million, compared with a loss of C$26.595 million, registered for the same period last year.

Canadian Western Bank (CWB.TO) reported fourth quarter net income of $62 million and adjusted EPS of $0.67, down 19% and 29%, respectively, compared to the same quarter last year.

The Canadian market extended its losing streak on Tuesday although the downside was just marginal thanks to investors picking up several stocks from technology, healthcare and real estate sectors.

The market digested the nation's consumer price inflation data and looked ahead to the U.S. Federal Reserve's monetary policy announcement on Wednesday.

The benchmark S&P/TSX Composite Index ended with a marginal oss of 27.50 points or 0.11% at 25,119.71, recovering gradually from an early low of 25,008.08.

Asian stocks ended mixed in cautious trade on Wednesday as investors waited for the Federal Reserve's policy announcement later in the day.

European stocks are slightly higher in cautious trade ahead of upcoming Fed and BoE meetings. The British pound held steady despite new data showing that U.K. inflation rose to an eight-month high in November.

In commodities, West Texas Intermediate Crude oil futures are up $0.60 or 0.86% at $70.68 a barrel.

Gold futures are gaining $1.50 or 0.06% at $2,663.50 an ounce, while Silver futures are down $0.021 or 0.07% at $30.900 an ounce.