Bay Street Likely To Open On Firm Note

(RTTNews) - Canadian shares look headed for a bright start Wednesday morning, tracking positive global markets, and higher crude oil prices. With concerns about recession taking a back seat for now, investors are likely to track earnings news for their moves.

In Canadian earnings news, Air Canada (AC.TO) reported net income of $410 million or $1.04 per share for the second quarter, significantly lower than $838 million or $2.34 per share in the same quarter a year ago. Excluding one-time items, adjusted earnings were $369 million or $0.98 per share, that beat the analysts' average estimate of $0.92 per share.

Suncor Energy (SU.TO) reported net earnings of $1,568 million for the second-quarter, compared to $1,879 million in the year-ago quarter.

Great-West Lifeco Inc. (GWO.TO) reported net earnings of $1,005 million for the second-quarter of this year, up 77% from a year ago.

Finning International Inc (FTT.TO) said it posted a net income of $144 million in the seond-quarter, down 3% compared to the year-ago quarter's net income of $148 million.

Nuvei Corporation (NVEI.TO) reported adjustged net income of $62.6 million for the quarter ended June 30, 2024, compared to $58.1 million a year ago.

Shopify Inc (SHOP.TO) reported second-quarter revenue of $2.05 billion, up from $1.69 billion a year earlier.

Stella-Jones Inc. (SJ.TO) reported second-quarter net income of $110 million, up from $100 million in the second quarter of the previous year.

On the economic front, the Ivey PMI score for the month of July is due at 10 AM ET. The Ivey Purchasing Managers Index in Canada surged to 62.5 in June from 52 a month earlier.

The Canadian market turned in a weak performance on Tuesday with stocks from across several sectors reeling under selling pressure right through the day's session.

After having watched the global sell-off from the sidelines on Monday due to Civic Day holiday, traders chose to lighten commitments at several counters.

The benchmark S&P/TSX Composite Index ended down 248.27 points or 1.12% at 21,979.36, well off the session's low of 21,659.26.

Asian stocks advanced on Wednesday after Bank of Japan Deputy Governor Uchida Shinichi said the central bank won't raise interest rates when financial markets are volatile.

European stocks climbed on Wednesday, tracking firm cues from Asian markets.

In economic releases, German industrial output grew 1.4% on month in June, according to data from Destatis. Production was expected to climb 1% after declining by revised 3.1% in May.

In commodities, West Texas Intermediate Crude oil futures are up $1.78 or 2.4% at $74.98 a barrel.

Gold futures are up $10.70 or 0.44% at $2,442.30 an ounce, while Silver futures are down $0.021 or 0.08% at $27.195 an ounce.