Bay Street Likely To Open On Positive Note

(RTTNews) - The Canadian market is likely to open with a positive bias Wednesday morning, tracking higher crude oil and bullion prices. The mood may remain a bit cautious amid uncertainty about the Federal Reserve's interest rate decisions in coming months, but the market is unlikely to see any sharp decline.

Transcontinental Inc. (TCL.B.TO) reported adjusted net earnings of $13.9 million for the first quarter of financial year 2024, compared to net earnings of $1.0 million in the year-ago quarter.

On Tuesday, the Canadian market ended on a positive note with investors digesting U.S. consumer price inflation data.

The benchmark S&P/TSX Composite Index ended with a gain of 61.80 points or 0.28% at 21,831.02, recovering well from an early low of 21,716.44.

Asian stocks ended on a lackluster note on Wednesday as hopes faded for an early rate cut by the U.S. Federal Reserve and investors monitored the early headlines on Japan's spring wage negotiations for clues on a possible shift in BOJ policy.

The dollar steadied and gold was marginally higher in Asian trading while oil prices rebounded on industry data showing a large, unexpected draw in U.S. crude inventories.

China's Shanghai Composite index dropped 0.40 percent to 3,043.83, with property developers falling heavily as Country Garden missed a coupon payment.

European stocks are slightly higher with investors digesting mixed earnings updates ahead of fresh economic data from the U.S. Data showing a modest improvement in U.K.'s economic growth in January is aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are up $1.11 or 1.43% at $78.67 a barrel.

Gold futures are up $1.80 or 0.08% at $2,167.90 an ounce, while Silver futures are gaining $0.116 or 0.48% at $24.510 an ounce.