Bay Street Likely To Open On Weak Note; Fed Minutes Eyed

(RTTNews) - Lower Canadian and U.S. futures amid weak commodity prices and rising concerns about global economic slowdown indicate a weak start for Canadian shares on Wednesday.

Data on U.S. retain sales, and the minutes of the Federal Reserve's July meeting will be in focus.

The Fed minutes, due at 2 PM ET, are eyed for clues on the policymakers plans with regard to interest rate hikes in the upcoming meetings.

The Canadian stock market ended higher on Tuesday, moving up for a fifth straight session, after data showed inflation in the country dropped from a month earlier. The benchmark S&P/TSX Composite Index ended with a gain of 89.37 points or 0.44% at 20,269.97, the highest close in more than two months.

Asian stocks rose broadly on Wednesday amid bets that central banks will be less aggressive with rate hikes in the coming months.

The upside was limited as investors awaited the release of minutes of the U.S. Federal Reserve's latest policy meeting later in the day for clues on future interest-rate hikes.

European stocks are drifting lower amid inflation worries after data showed British consumer price inflation jumped to 10.1% in July, its highest since February 1982.

Separately, preliminary data from Eurostat revealed that growth in the Eurozone slowed slightly in the second quarter. Seasonally adjusted GDP in the common currency area rose by 0.6% during the period, down from 0.7% in the prior quarter.

In commodities trading, West Texas Intermediate crude oil futures for September are down marginally at $86.43 a barrel.

Gold futures are down $6.10 or 0.33% at $1,783.60 an ounce, while Silver futures are lower by $0.310 or 1.56% at $19.775 an ounce.