Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Wednesday morning, tracking weak European stocks and higher crude oil and gold prices.

Investors await the Federal Reserve's minutes of their latest monetary policy meeting for clues about further policy moves.

In company news, Brookfield Reinsurance (BNRE.TO) and American Equity Investment Life Holding Company (AEL) have entered into a definitive agreement whereby Brookfield Reinsurance will acquire all of the outstanding shares of common stock of AEL it does not already own in a cash and stock deal that values American Equity Investment Life at approximately $4.3 billion.

The Canadian market closed on a positive note on Tuesday, gaining for a sixth straight session, as stocks from energy, real estate and materials sectors climbed higher.

The benchmark S&P/TSX Composite Index, ended with a gain of 49.58 points or 0.25% at 20,204.87, the highest close in about six weeks.

Asian stocks ended lower on Wednesday after a private survey showed China's services activity expanded at the slowest pace in five months in June, adding to worries about a faltering post-pandemic recovery in the world's second-largest economy.

Investors also looked ahead to the release of the Federal Reserve's latest monetary policy meeting minutes as well as the U.S. jobs report for hints on the trajectory of U.S. monetary policy.

European stocks are down in negative territory, weighed down by disappointing service sector activity data from China, and caution ahead of the release of Fed meeting minutes.

In commodities, West Texas Intermediate Crude oil futures are up $1.57 or 2.25% at $71.36 a barrel.

Gold futures are gaining $5.10 or 0.26% at $1,934.60 an ounce, while Silver futures are lower by $0.077 or 0.33% at $23.035 an ounce.