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Bay Street May Open With Slightly Positive Bias
(RTTNews) - Canadian shares may open with a slightly positive bias on Wednesday, tracking higher crude oil prices.
The focus will be on U.S. GDP data and the report from ADP on private sector employment in the U.S.
Canada's second-quarter GDP data is due out on Thursday.
In Canadian earnings news, National Bank of Canada (NA.TO) reported third-quarter net income of $839 million, up 2% from $826 million in the third quarter of 2022. Third-quarter diluted earnings per share stood at $2.36 compared to $2.35 in the third quarter of 2022.
The Canadian market ended on a strong note on Tuesday, as stocks rallied on sustained buying right through the day's session. Data showing a drop in U.S. job openings in the month of July, and a decline in U.S. consumer confidence in August, helped ease concerns about interest rates, lifting investor sentiment.
The benchmark S&P/TSX Composite Index ended with a gain of 265.27 points or 1.32% at 20,290.41.
Asian stocks hit two-week highs on Wednesday while the dollar wobbled as weak U.S. labor market data bolstered bets that the Fed's rate hike cycle could be nearing the end.
European stocks fell after some early gains this morning, and are slowing regaining lost ground, turning in a mixed performance. Concerns about rising inflation appear to be weighing on sentiment.
In commodities, West Texas Intermediate Crude oil futures are up $0.50 or 0.61% at $81.66 a barrel.
Gold futures are up $1.50 or 0.08% at $1,966.60 an ounce, while Silver futures are down $0.148 or 0.6% at $24.640 an ounce.
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