Bay Street Likely To Open Lower

(RTTNews) - Canadian shares are likely to open weak on Wednesday, tracking lower crude oil and bullion prices.

U.S. consumer and producer price inflation data, due this morning, is likely to significantly impact the mood.

Data on Canadian building permits for the month of March is due at 8:30 AM ET.

In earnings news, Nuvei Corporation (NVEI.TO) reported adjusted net income of $64.5 million for the quarter ended March 2023, compared to adjdusted net income of $69.1 million in the year-ago quarter.

Stella-Jones Inc. (SJ.TO) reported first-quarter net income of $60 million, or $1.03 per share, up 41% from EPS in the year-ago quarter.

The Canadian market started off on a weak note on Tuesday and drifted down further, but recovered gradually and eventually ended the session flat.

The benchmark S&P/TSX Composite Index, which opened nearly 100 points down at 20,487.27, dropped to 20,455.52 subsequently, but recovered to close at 20,585.73, up less than a point from its previous close.

Asian stocks ended broadly lower on Wednesday as investors took a risk-off approach ahead of U.S. consumer price inflation data due later in the day that could influence the Federal Reserve's policy decisions.

The dollar weakened broadly after crucial talks aimed at resolving an impasse over the U.S. debt ceiling didn't yield much progress.

European stocks are down in negative territory in cautious trade ahead of U.S. inflation data due in a while now, and the Bank of England's rate decision, due on Thursday.

In commodities, West Texas Intermediate Crude oil futures are down $0.59 or 0.81% at $73.12 a barrel.

Gold futures are down $6.40 or 0.31% at $2,036.50 an ounce, while Silver futures are lower by $0.108 or 0.42% at $25.790 an ounce.