Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note on Wednesday with investors assessing the most recent economic data and the outlook for Federal Reserve's interest rate.

In company news, BELLUS Health Inc. (BLU.TO) reported positive data from its Phase 1 bioavailability equivalence study evaluating a once-daily Extended-Release formulation of camlipixant in comparison to a twice-daily Immediate Release formulation.

BELLUS Health said the results establish proof of concept for developing a once-daily ER formulation of camlipixant.

Roots Corporation (ROOT.TO) reported fourth-quarter net income of $13 million, compared with $18,1 million in the year-ago quarter.

On the economic front, Canada's trade data for the month of February is due at 8:30 AM ET.

Canada posted a trade surplus of C$ 1.92 billion in January of 2023, widening from the revised surplus of c$ 1.2 billion in the previous month. Exports jumped by 4.2%, while imports rose by 3.1% in January.

After seven successive days of gains, the Canadian market turned a bit weak on Tuesday, but still managed a good recovery to eventually end the day's session with just a marginal loss.

The benchmark S&P/TSX Composite Index, which climbed to 20,361.26 in early trades, fell to 20,203.25 a little past noon, but recovered to finally end the session at 20,203.25, down just 2.52 points from the previous close.

Asian stocks ended mixed on Wednesday in thin trading, with the mainland China and Hong Kong markets closed for a holiday.

Amid rising worries over inflation and growth, investors kept a close eye on oil price movements and awaited key U.S. data due this week for additional clues on the growth and interest rate outlook.

European stocks are weak as higher oil prices and weak U.S. data rekindle recession worries.

In commodities, West Texas Intermediate Crude oil futures are down $0.14 or 0.17% at $80.57 a barrel.

Gold futures are up $2.00 or 0.1% at $2,040.20 an ounce, while Silver futures are down $0.206 or 0.82% at $24.895 an ounce.