Bay Street May Open Higher On Firm Commodity Prices

(RTTNews) - Canadian shares may open higher on Wednesday thanks to firm crude oil and gold prices. Data on Canadian services sector activity during the month of March is in focus.

The S&P Global Canada Composite PMI rose to 47.1 in February. The S&P Global Canada Services PMI reading came in at 46.6 in February, up from 45.8 a month earlier.

Investors also await Federal Reserve Chair Jerome Powell's speech and the release of Friday's U.S. non-farm payroll data for additional clarity on the timing and pace of Fed easing.

In company news, Indigo Books & Music Inc. (IDG.TO) announced that it has entered into an arrangement agreement with Trilogy Investments L.P. and Trilogy Retail Holdings Inc. whereby Trilogy will acquire all of the issued and outstanding common shares of the Company that Trilogy, its affiliates and joint actors do not currently own for C$2.50 in cash per share.

Vecima Networks Inc. (VCM.TO) announced that it has signed an asset purchase agreement to buy the cable business assets of Casa Systems, Inc. and some of Casa's subsidiaries for $20 million

The Canadian market ended moderately lower on Tuesday as uncertainty about the outlook for interest rate cuts weighed on sentiment.

The benchmark S&P/TSX Composite Index, which dropped to a low of 21,996.91 around noon, ended the day's session at 22,075.10 with a loss of 110.15 points or 0.5%.

Asian stocks tumbled on Wednesday, as strong U.S. data dented rate cut hopes and oil extended gains amid rising tension in the Middle East, clouding the inflation outlook.

European stocks are a bit subdued with investors digesting Eurozone inflation data, and awaiting U.S. private sector employment data and Fed Chair Powell's speech.

In commodities, West Texas Intermediate Crude oil futures are up $0.81 or 0.95% at $85.96 a barrel.

Gold futures are up $10.30 or 0.45% at $2,292.10 an ounce, while Silver futures are up $0.552 or 2.13% at $26.475 an ounce.