Bay Street May Open With Slightly Negative Bias

(RTTNews) - Canadian shares may open with a negative bias on Wednesday as the crucial U.S. jobs data due this week is likely to be delayed due to a partial U.S. government shutdown.

Higher metal prices could trigger some strong buying in the materials sector and help limit market's downside.

In corporate news, Canadian mining company Lithium Americas Corp. (LAC.TO) said that, along with its joint venture partner General Motors Holdings LLC, it has reached a non-binding agreement in principle with the US Department of Energy or DOE to advance the first $435 million draw under an earlier announced $2.26 billion DOE loan for the Thacker Pass lithium project.

On the economic front, S&P Global will release the data on Canadian manufacturing activity in the month of September.

The S&P Global Canada Manufacturing PMI rose 5o 48.3 in August from 46.1 in the previous month, but continued to reflect a contraction in the Canadian private-sector factory activity.

The Canadian market ended slightly higher on Tuesday. Concerns over the consequences of a potential U.S. government shutdown limited market's upside.

The benchmark S&P/TSX Composite Index hit a new all-time intraday high of 30,049.81, before settling at 30,022.81, gaining 50.90 points or 0.17%.

Asian stocks turned in a mixed performance in thin trading on Wednesday. Markts in China and Hong Kong were closed for the National Day holiday.

The major European markets are up in positive territory with pharma stocks garnering support following Pfizer reaching a deal with the U.S. government to lower prescription drug prices in exchange for tariff relief.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.25 or 0.39% at $62.12 a barrel.

Gold futures are up $38.10 or 0.98% at $3,911.30 an ounce, while Silver futures are gaining $0.830 or 1.78% at $47.470 an ounce.