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Bay Street Likely To See Subdued Start
(RTTNews) - Canadian shares are likely to open on a somewhat subdued note on Wednesday, amid a lack of positive triggers.
Asian and European stocks traded weak, and commodity prices are a bit lower.
The focus will be on Fed Chair Jerome Powell's testimony before Congress, as investors look for clues on the rate outlook.
Data on Canadian retail sales and new housing price index, for the month of April and May, respectively, are due at 8:30AM ET.
The Canadian market ended notably lower on Tuesday, pushed down by losses in materials and energy sectors as commodity prices fell amid concerns about global economic slowdown.
Investors stayed wary of picking up stocks, choosing to wait for the Federal Reserve Chair Jerome Powell's congressional testimony for clues about the outlook for U.S. central bank's interest rate moves.
The benchmark S&P/TSX Composite Index ended with a loss of 180.07 points or 0.9% at 19,754.14.
Asian stocks ended broadly lower on Wednesday, with disappointment over a lack of additional stimulus in China and lingering uncertainty over Fed's interest-rate plans weighing on sentiment.
European stocks are down in negative territory with investors reacting to hotter than expected U.K. inflation data and awaiting Federal Reserve chairman Jerome Powell's testimony before the House Financial Services Committee and the Senate Banking Committee.
In commodities, West Texas Intermediate Crude oil futures are down marginally at $71.11 a barrel.
Gold futures are lower by $2.30 or 0.12% at $1,945.40 an ounce, while Silver futures are down $0.144 or 0.6% at $22.090 an ounce.
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