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Bay Street Seen Opening On Positive Note
(RTTNews) - Canadian shares are likely to open on a positive note on Wednesday, tracking higher crude oil and bullion prices, and on hopes the Canadian central bank will be less aggressive with its policy stance following a drop in consumer price inflation.
Data on Canadian raw materials and producer prices for the month of December are due at 8:30 AM ET.
Raw materials prices in Canada dropped to 8% in November from 8.6% in October of 2022, while producer prices advanced by 9.7% from a year ago in November 2022.
The Canadian market ended on a positive note on Tuesday, gaining for an eighth successive session. Shares from energy, healthcare and utilities sections closed higher. Materials shares ended weak.
The benchmark S&P/TSX Composite Index ended with a gain of 67.13 points or 0.33% at 20,457.46, after scaling a low of 20,389.75 and a high of 20,47.94 intraday.
Asian stocks ended broadly higher on Wednesday, with Japanese markets leading regional gains as the yen plunged on dovish signals from the Bank of Japan.
China's Shanghai Composite index fluctuated before finishing marginally higher after experts cautioned that a massive spike in death cases will likely hit the country post the holiday season.
European stocks are struggling for direction today after fice successive days of gains. Worries about a recession appear to be weighing on sentiment.
In commodities trading, West Texas Intermediate Crude oil futures are up $1.62 or 2.02% at $81.80 a barrel.
Gold futures are gaining $9.60 or 0.5% at $1,919.50 an ounce, while Silver futures are up $0.287 or 1.19% at $24.355 an ounce.
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