Bay Street Likely To Open With Slightly Positive Bias

(RTTNews) - Canadian shares are likely to open with a slightly positive bias on Wednesday, tracking higher bullion prices.

Data on Canadian retail sales for the month of June is due at 8:30 AM ET.

Retail sales in Canada are expected to have stalled from the previous month in June, according to a preliminary estimate. Considering May, retail sales advanced by 0.2%, revised lower from the first estimate of a 0.5% increase and easing from the downwardly revised 1% advance from April.

Retail Sales in Canada increased 0.47% in May of 2023 over the same month in the previous year.

Investors await the symposium at Jackson Hole, Wyoming. Federal Reserve Chair Jerome Powell is scheduled to speak at the symposium on Friday.

The Canadian market ended weak on Tuesday, hurt by losses in financials, healthcare, communications and consumer staples sectors.

The mood remained cautious amid a lack of significant triggers. Investors awaited the upcoming symposium at Jackson Hole, Wyoming, where global central bankers are meeting this week.

The benchmark S&P/TSX Composite Index ended with a loss of 93.66 points or 0.47% at 19,691.21. The index touched a high of 19,820.43.

Asian stocks ended mixed on Wednesday as investors awaited Nvidia's earnings as well as Fed Chair Jerome Powell's highly anticipated speech this week for directional cues.

European stocks are broadly higher amid expectations over Nvidia's earnings release later in the day. The world's most valuable chipmaker will report its second-quarter earnings after the closing bell on Wall Street.

In commodities, West Texas Intermediate Crude oil futures are down $1.17 or 1.47% at $78.47 a barrel.

Gold futures are gaining $6.50 or 0.35% at $1,932.50 an ounce, while Silver futures are up $0.430 or 1.83% at $23.880 an ounce.