Bay Street Looks Headed For Positive Start

(RTTNews) - Canadian shares are likely to open higher on Wednesday, tracking positive cues from European markets and firm commodity prices. U.S. consumer price inflation data, due before the opening bell, is likely to make a significant impact on investor mood.

On the Canadian economic front, data on Canadian manufacturing, wholesale and new motor vehicles sales are due at 8:30 AM ET.

In company news, TRX Gold Corp. (TRX.TO) reported a net income of $2.137 million for the three months ended November 30, 2024, compared with loss of $0.039 million, recorded for the same period last year.

Fortuna Mining Corp. (FSM.TO) announced that it has signed an agreement to sell its entire stake in Compaia Minera Cuzcatlan S.A. de C.V., the owner of the San Jose Mine, to Minas del Balsas S.A. de C.V., a private Mexican company.

CI Financial Corp's (CIX.TO) subsidiary Corient announced on Wednesday that it has acquired the multi-family office business of Geller & Company.

The Canadian market closed modestly higher on Tuesday, lifted by gains in mining stocks. The mood remained cautious with investors looking ahead to U.S. consumer price inflation for more clarity about the outlook for Fed interest rates.

The benchmark S&P/TSX Composite Index closed with a gain of 52.26 points or about 0.2% at 24,588.58.

Asian stocks ended little changed on Wednesday after reports emerged that U.S. President-elect Donald Trump's economic advisers are discussing slowly ramping up tariffs month by month.

Investors also digested soft U.S. producer inflation print and waited for the release of December CPI data later in the day for greater clarity on the path of Federal Reserve rates over the coming months.

European stocks are up in positive territory with solid gains as bond yields eased and data showed a slowdown in British consumer price inflation.

In commodities, West Texas Intermediate Crude oil futures are up $0.23 or 0.3% at $77.73 a barrel.

Gold futures are gaining $24.50 or .91% at $2,706.80 an ounce, while Silver futures are up $0.314 or 1.03% at $30.665 an ounce.