Bay Street Seen Opening On Subdued Note
(RTTNews) - Canadian stocks look headed for a subdued start Wednesday morning with investors looking for directional clues. Activity is likely to remain stock specific.
Loblaw Companies Ltd (L.TO) announced that it has opened its 16th location, a small-format No Frills, in downtown Toronto. The food and pharmacy retailer said it is on track to open 40 new stores this year and convert dozens more.
The Canadian market ended marginally up on Tuesday, after posting losses in the previous three sessions. Energy stocks climbed higher on firm crude oil prices. Slight optimism about an interest rate cut by the Federal Reserve later this year aided sentiment.
The benchmark S&P/TSX Composite Index, which touched a high of 21,708.06 a little past noon, ended the session with a gain of 23.42 points or 0.11% at 21,611.30.
Asian stocks turned in a mixed performance on Wednesday as investors reacted to cautious Fed comments, a weaker-than-expected U.S. retail sales report and signs of escalating tensions in Europe and the Middle East.
The dollar recovered some ground, after having fallen Tuesday on bets of imminent Federal Reserve rate cuts.
European stocks are somewhat subdued in cautious trades with investors watching the latest political developments in the region and reacting to hawkish Fed comments. Investors await Thursday's monetary policy announcements from Bank of England and the Swiss National Bank
The risk premium on French bonds held steady despite lingering worries about the country's debt path and fiscal situation.
National Rally leader Jordan Bardella said he will not become prime minister if his party doesn't get a resounding victory in France's snap election. Polls indicate Marine Le Pen's party is best placed to become the largest group in the National Assembly, but projections show the party is set to fall short of an outright majority.
In commodities, West Texas Intermediate Crude oil futures are down marginally at $81.51 a barrel.
Gold futures are down $2.70 or 0.12% at $2,344.20 an ounce, while Silver futures are gaining $0.066 or 0.22% at $29.630 an ounce.