Bay Street Likely To Open Higher

(RTTNews) - Canadian shares are likely to open higher Wednesday morning, tracking positive global cues. Investors will also be reacting to earnings updates from top U.S. firms, and Canadian companies.

On the economic front, data on Canadian retail sales for the month of February is due at 8:30 AM ET. Manufacturing sales data from March is also due at 8:30 AM ET.

In earnings news, Canadian National Railway (CNR.TO) reported first-quarter net income of $1,103 million, compared to net income of $1,220 million in the year-ago quarter.

First Quantum Minerals (FM.TO) reported net loss of $159 million for the first quarter of 2024, compared to net loss of $259 million in the corresponding quarter of the previous year.

Rogers Communications Inc (RCI.A.TO) reported first-quarter net income of $256 million, compared to $511 million a year ago. Adjusted net income was $540 million in the latest quarter, down slightly from $553 million in the year-ago quarter.

Metro Inc. (MRU.TO) said it posted net earnings of $187.1 million in the second-quarter, down 14.5% from a year ago.

The Canadian market ended higher on Tuesday, extending gains to a fifth straight session, as investors picked up stocks amid easing concerns on the geopolitical front, and positive lead from Wall Street.

Weak U.S. PMI data raised hopes that the U.S. central bank will start reducing rates sometime soon.

The benchmark S&P/TSX Composite Index, which climbed to 22,051.15 intraday, ended the day's session with a gain of 139.76 points or 0.64% at 22,011.72.

Asian stocks closed higher on Wednesday as focus remained on earnings reports from the U.S. megacaps due this week.

European stocks are up in positive territory, although the mood is cautious after an ECB policymaker said that a possible June rate cut might not be followed by more.

In commodities, West Texas Intermediate Crude oil futures are down 0.27 or 0.33% at $83.09 a barrel.

Gold futures are down $13.30 or 0.56% at $2,328.80 an ounce, while Silver futures are down $0.212 or 0.77% at $27.150 an ounce.