Bay Street Seen Opening Higher

(RTTNews) - Higher Canadian and U.S. futures and firm crude oil prices point to a positive start for the Canadian market Wednesday morning.

The mood is likely to remain cautious with investors looking ahead to crucial U.S. inflation data and the minutes of the Fed's latest policy meeting.

In Canadian company news, Cameco Corporation (CCO.TO) and Brookfield Renewable Partners (BEPC.TO), agreed to acquire Westinghouse Electric Company, nuclear services businesses, for the total enterprise value of $7.875 billion. Brookfield Renewable, with its institutional partners, will own a 51% interest in Westinghouse and Cameco will own 49%.

The Canadian market ended notably lower on Tuesday, led by losses in healthcare, energy, technology and financials sectors. The benchmark S&P/TSX Composite Index ended with a loss of 366.45 points or 1.97% at 18,216.88.

Worries about surging interest rates and fears of a recession triggered heavy selling in several stocks from across various sectors. The sentiment was also hurt by the International Monetary Fund's report lowering the global growth forecast for next year.

Asian stocks ended mixed on Wednesday after recent string of losses on worries about slowing global growth and the impact of rising interest rates on corporate profits.

The dollar index rose after the IMF's warning of a severe global recession and amid the instability in the U.K. bond market as well as heightened concerns of Russia escalating its war in Ukraine.

European stocks are turning in a mixed performance with investors reacting to earnings and regional economic data. Reports suggesting the Bank of England would extend it support for the beleaguered gilt market is aiding sentiment a bit.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.40 or 0.44% at $89.75 a barrel.

Gold futures are down $11.00 or 0.65% at $1,675.00 an ounce, while Silver futures are lower by $0.337 or 1.73% at $19.150 an ounce.