Bay Street Likely To Open On Positive Note
(RTTNews) - Canadian stocks may open higher on Wednesday, amid continued optimism about Fed interest rate cut, and easing geopolitical tensions ahead of talks between U.S. President Donald Trump and Russian President Vladimir Putin that is scheduled to take place on Friday.
U.S. Treasury Secretary Scott Bessent wants the Fed to keep the door open to a larger, 50 basis-point rate cut next month following recent weak job growth revisions.
Gildan Activewear, Inc. (GIL.TO) and HanesBrands, Inc. (HBI) announced Wednesday that they have entered into a definitive merger agreement under which Gildan will acquire HanesBrands.
Hydro One (H.TO) reported second-quarter net income of $327 million, compared with $292 million in the year-ago quarter.
Metro Inc. (MRU.TO) reported net earnings of $323 million for the third quarter of its current financial year, up 9% compared to a year ago.
The Canadian market closed on a firm note on Tuesday, lifted by hopes of a Fed rate cut. The benchmark S&P/TSX Composite Index ended with a gain of 146.03 points or 0.53% at 27,921.26.
Asian stocks closed mostly higher on Wednesday as U.S. inflation data bolstered speculation the Federal Reserve will cut interest rate by 25 basis points in September.
European stocks are up firmly in positive territory, riding on hopes of a Fed rate cut, and easing geopolitical and trade tensions.
In commodities, West Texas Intermediate Crude oil futures are down $0.34 or 0.54% at $62.83 a barrel.
Gold futures are gaining $17.70 or 0.52% at $3,416.70 an ounce, while Silver futures are up $0.628 or 1.65% at $38.630 an ounce.
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