Bay Street Seen Opening Higher
(RTTNews) - Canadian stocks are likely to open higher on Wednesday, tracking firm oil and metal prices. The mood may change a bit cautious at higher levels with investors looking ahead to the crucial U.S. inflation data, due later in the week.
The Canadian market closed marginally up on Tuesday, lifted by gains in energy and materials sectors. Optimism about interest rate cuts by the Bank of Canada and the Federal Reserve next week, helped keep investor sentiment positive.
The benchmark S&P/TSX Composite Index ended the day's session with a gain of 35.28 points or 0.12% at 29,063.01.
Asian stocks closed higher on Wednesday, tracking the overnight advance to record highs on Wall Street. A larger-than-expected decline in consumer prices in China reignited hopes of fresh governmental support.
Expectations that the new political establishment in Japan would support a less hawkish monetary policy also boosted sentiment amidst the political uncertainty.
The major European markets are slightly higher amid hopes of a rate cut by the Federal Reserve, and easing concerns about the political situation in France.
In commodities trading, West Texas Intermediate crude oil futures are up $0.68 or 1.09% at $63.31 a barrel.
Gold futures are gaining $6.30 0.17% at $3,688.50 an ounce, while Silver futures are up $0.304 or 0.74% at $41.645 an ounce.
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