Canadian Shares Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note on Wednesday, with investors tracking weak European stocks and higher crude oil prices.

Worries about tighter monetary policies from central banks, and fears about a recession might weigh on stocks and limit any upside during the course of the session.

In company news, Corus Entertainment Inc (CJR.B.TO) reported net income attributable to shareholders of $29.6 million ($0.14 per share basic) for the third quarter and $122.0 million ($0.59 per share basic) year-to-date. The company announced that its consolidated revenue increased 8% for the quarter and 6% year-to-date.

TELUS Corp.(T.TO) announced that its subsidiary has entered into a purchase agreement to acquire shares in TELUS International (Cda) Inc. As per the agreement, TELUS will buy 3 million multiple voting shares of TELUS International from Baring Private Equity Asia or BPEA.

The Canadian market ended weak on Tuesday despite opening on a firm note and holding in positive territory till a little before noon. The benchmark S&P/TSX Composite Index, which climbed to 19,500.89 earlier in the session, ended the day at 19,222.74, down 35.58 points or 0.18% from the previous close.

Asian stocks ended lower on Wednesday as investors fretted over high inflation and the possibility of a recession. Risk-off sentiment boosted the safe-haven dollar while crude prices declined after a three-day rally.

European stocks are down firmly in negative territory Wednesday afternoon, losing ground after three successive days of gains. Investors are eyeing speeches by European Central Bank President Christine Lagarde at the Sintra forum, alongside Federal Reserve Chairman Jerome Powell and Bank of England Governor Andrew Baile at the Sintra Forum.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.51 or 1.35% at $113.27 a barrel.

Gold futures are gaining $6.50 or 0.36% at $1,827.70 an ounce, while Silver futures are up $0.104 or 0.5% at $20.910 an ounce.