Bay Street Likely To Open With Positive Bias

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(RTTNews) - The Canadian market, where trading is set to resume after a long holiday break, is likely to open with a positive bias on Wednesday, tracking somewhat steady European markets.

However, weak commodity prices might limit market's upside.

Although China's decision to ease restrictions for travelers coming into the country buoyed up European stocks on Tuesday, concerns about a surge in new Covid cases in the world's second largest economy is likely to weigh on sentiment.

In Canadian company news, First Quantum Minerals Ltd. (FM.TO) said formal discussions between First Quantum, MPSA and the Government of Panamá have resumed on December 26, 2022 regarding the long-term future of the Cobre Panamá mine. The Company said it remains committed to seeking a mutually beneficial agreement as soon as possible.

The Canadian market ended on a firm note on Friday, thanks to some strong buying in the energy sector as oil prices firmed on supply concerns. The benchmark S&P/TSX Composite Index ended with a gain of 156.99 points or 0.81% at 19,506.65.

Asian stocks ended broadly lower on Wednesday as Treasury yields rose on Fed policy uncertainty and data showed Japan's industrial output fell for the third month in a row in November - suggesting the economy is still very fragile.

Investors pinned hopes of a recovery in demand after China moved to remove some of its most stringent travel restriction measures.

European stocks are up in positive territory with U.K. stocks outperforming as trading resumed after a long holiday weekend.

After China announced the re-opening of borders in a major shift of its epidemic response policies, several countries have announced safety measures like testing and medical scrutiny of passengers, coming from China and other countries where the virus is prevalent.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.36 or about 0.45% at $79.17 a barrel.

Gold futures are down $10.90 or 0.6% at $1,812.20 an ounce, while Silver futures are lower by $0.117 or 0.48% at $24.100 an ounce.

European Stocks Close On Mixed Note

Despite some fairly strong earnings updates, European stocks turned in a subdued performance on Friday on reports the U.S. President Donald Trump is looking to impose at least 15 to 20% tariffs on goods imported from the European Union irrespective even if a trade deal is arrived at.

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TSX Retreats After Hitting New High

The Canadian market is down in negative territory in early afternoon trades on Friday, with stocks from communications, industrials and consumer discretionary sectors under pressure. However, the downside is limited as tariff concerns have eased a bit on reports that trade talks between Canada and South American countries, including Brazil and Argentina are in advanced stages.

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U.S. Consumer Sentiment Reaches Five-Month High In July

After reporting a substantial rebound by U.S. consumer sentiment in the previous month, the University of Michigan released a report on Friday showing a more modest improvement by consumer sentiment in the month of July. The University of Michigan said its consumer sentiment index climbed to 61.8 in July after surging to 60.7 in June. Economists had expected the index to rise to 61.5.

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U.S. Housing Starts Rebound More Than Expected In June

New residential construction in the U.S. rebounded by more than expected in the month of June, according to a report released by the Commerce Department on Friday. The Commerce Department said housing starts surged by 4.6 percent to an annual rate of 1.321 million in June after plunging by 9.7 percent to a revised rate of 1.263 million in May.

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