Bay Street Likely To Open On Negative Note

RTTNews | 512 days ago

(RTTNews) - Canadian shares are likely to open weak on Wednesday, weighed down by lower oil prices, disappointing guidance from Dutch semiconductor firm ASML, and geopolitical concerns.

Fears that Donald Trump's return to the White House would herald more inflation and higher interest rates may also weigh on the market.

Trump, who is the Republican presidential candidate, said in an interview with Bloomberg Business Week that Taiwan should pay the U.S. for supplying the island with defense equipment.

BlackBerry Limited (BB.TO) has announced the launch of CylanceMDR Pro, a cutting-edge managed detection and response or MDR service built on an Open XDR platform powered by AI. CylanceMDR Pro will be available July 31.

The Canadian market climbed to fresh intraday and closing highs on Tuesday as soft inflation data raised expectations of an interest rate cut by the Bank of Canada next week.

Optimism about an interest rate cut by the Federal Reserve in September contributed as well to the positive mood on Bay Street.

The benchmark S&P/TSX Composite Index ended with a gain of 243.71 points or 1.07% at 22,995.39, slightly off the day's high of 22,996.14.

Asian stocks ended mixed on Wednesday while the dollar edged up as Donald Trump's election odds rose and the U.S. Republican presidential candidate said that Taiwan should pay the U.S. for supplying the island with defense equipment.

European stocks are down in negative territory, extending recent losses, with investors digesting regional inflation data and looking forward to the European Central Bank's rate-setting meeting later in the week for directional cues.

In commodities, West Texas Intermediate crude oil futures are up $0.36 or about 0.45% at $81.12 a barrel.

Gold futures are gaining $8.50 or 0.34% at $2,476.30 an ounce, while Silver futures are down $0.193 or 0.61% at $31.265 an ounce.

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