Bay Street May Open On Positive Note
(RTTNews) - Canadian shares look set to open on a positive note Wednesday morning, extending recent gains. However, the mood is likely to remain cautious with investors awaiting the Fed minutes later in the day, and U.S. inflation data, due on Thursday.
On Canadian economic front, data on building permits for the month of August is due at 8:30 AM ET.
In company news, MTY Food Group Inc. (MTY.TO) reported third-quarter net income of $38.9 million or $1.59 per diluted share, compared to $22.4 million, or $0.92 per diluted share in the third quarter of the previous financial year.
Endeavour Silver Corp. (EDR.TO) reported third quarter 2023 production of 1,148,735 silver ounces (oz) and 9,089 gold oz, for silver equivalent 1 ("AgEq") production of 1.9 million oz. The company said production continues to track in-line with the 2023 production guidance of 8.6-9.5 million silver equivalent ounces, totaling 6.5 million AgEq oz for the nine months ended September 30, 2023.
The Canadian market ended higher on Tuesday, extending gains for the third consecutive session, as bond yields dropped after dovish comments from some Federal Reserve officials lowered expectations for further interest rate hikes for now.
The benchmark S&P/TSX Composite Index, which recorded its biggest single-session gain in about four weeks, ended the day with a gain of 255.13 points or about 1.3% at 19,501.20, the highest close since September 29.
Asian stocks hit two-week highs on Wednesday as investors cheered dovish Fed talk as well as reports that China is mulling fresh stimulus to boost slowing growth in the world's second-largest economy.
Underlying sentiment was also boosted after the International Monetary Fund said it sees greater chance of a soft landing for the global economy.
European stocks are broadly higher in cautious trade. The French market is underperforming a bit. Dovish Fed talk and China stimulus hopes help underpin investor sentiment ahead of the release of minutes of the Fed's September policy meeting later in the day and U.S. inflation data due on Thursday.
In commodities, West Texas Intermediate Crude oil futures are down $0.65 or 0.76% at $85.32 a barrel.
Gold futures are gaining $9.90 or 0.53% at $1,885.20 an ounce, while Silver futures are up $0.252 or 1.15% at $22.205 an ounce.
U.S. Consumer Confidence Index Edges Lower In August
U.S. Durable Goods Orders Slump 2.8% In July, Much Less Than Expected
Bay Street May Open On Weak Note
U.S. Durable Goods Orders Tumble Less Than Expected In July
FTSE 100 Modestly Lower
CAC Down Sharply On Widespread Selling
DAX Extending Recent Weakness
