Canadian Shares Likely To Open Lower

(RTTNews) - Bay Street is likely to open on a slightly negative note on Wednesday, tracking weak European markets and lower bullion prices.

Data released by the Labor Department showed U.S. consumer prices climbed 0.6% in August after a 0.2% increase in July. Core consumer prices rose by 0.3% in August, up from a 0.2% increase in July.

In Canadian earnings news, Dollarama Inc. (DOL.TO) reported second-quarter earnings of C$245.8 million or C$0.86 per share, up from C$193.5 million or C$0.66 per share last year.

The Canadian market ended modestly higher on Tuesday, thanks largely to strong gains posted by energy stocks after oil prices rose on supply concerns.

The mood remained cautious with investors awaiting some crucial economic data, including U.S. consumer inflation report and retails numbers.

The benchmark S&P/TSX Composite Index ended higher by 40.32 points or 0.2% at 20,223.08 after scaling a low of 20,154.28 and a high of 20,267.91 intraday.

Asian stocks ended mostly lower on Wednesday as investors braced for key U.S. inflation data due later in the day that could influence the outlook for interest rates.

European stocks are down in negative territory, with higher oil prices and weak regional data raising concerns about inflation and slowing global growth.

Data from Eurostat showed eurozone industrial output fell 1.1% month-on-month in July, after a 0.4% increase in June.

In commodities, West Texas Intermediate Crude oil futures are up $0.51 or 0.57% at $89.35 a barrel.

Gold futures are down marginally at $1,933.90 an ounce, while Silver futures are lower by $247 or 1.05% at $23.155 an ounce.