Bay Street Likely To Open On Cautious Note; BoC Rate Decision In Focus

(RTTNews) - The Canadian market is likely to open on a cautious note on Wednesday with the focus on the Bank of Canada's interest rate decision, and the central bank's views on the nation's economy.

U.S. private sector jobs data is also likely to be in focus. The Energy Information Administration's weekly crude inventory data is due at 10:30 AM ET.

The Canadian central bank, which will announce its monetary policy at 10 AM ET, is widely expected to leave its key interest rate unchanged at 5% today.

Data on Canadian Labor Productivity in the third quarter is due at 8:30 AM ET.

In earnings news, Roots Corporation (ROOT.TO) reported a net income of $0.52 million for the third-quarter ended October 28, 2023, compared with net income of C$ 2.2 million in the corresponding quarter of the previous year.

The North West Company Inc (NWC.TO) and Evertz Technologies Ltd. (ET.TO) are scheduled to announce their results today.

The Canadian market ended weak on Tuesday after a cautious session as investors awaited the Bank of Canada's interest rate decision, and employment data from the U.S., due later in the week.

The benchmark S&P/TSX Composite Index ended down 34.28 points or 0.17% at 20,375.93 after moving in a very narrow range. The index, which advanced to 20,453.69 in early trades, dropped to a low of 20,361.22 in the session.

Asian stocks ended higher on Wednesday as bond yields dropped amid increased bets for a peak in global interest rates.

The major European markets are modestly higher around noon today with investors digesting the latest batch of economic data from the region, and looking ahead to crucial jobs data from the U.S.

In commodities, West Texas Intermediate crude oil futures are down $0.59 or 0.82% at $71.73 a barrel.

Gold futures are gaining $5.80 or about 0.3% at $2,042.10 an ounce, while Silver futures are down $0.051 or 0.22% at $24.495 an ounce.