Bay Street Likely To Open On Positive Note

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(RTTNews) - The Canadian market is likely to open on a firm note Wednesday morning, riding on rising crude oil and bullion prices. Stronger than expected Chinese economic growth in the third quarter may also aid sentiment.

Escalating tensions in the Middle East may weigh on the market and limit its upside. According to reports, a deadly missile attack on Al-Ahli Baptist Hospital in Gaza killed more than 500 people including women and children.

Hamas attributed the blast to an Israeli airstrike, but the Israeli military said it was not involved and the explosion was caused by a misfired Palestinian rocket.

In corporate news, CGI Inc (GIB.A.TO) announced that its subsidiary CGI Federal has received a multi-year contract worth about $522.6 million to modernize systems and technology of the U.S. Environmental Protection Agency.

On the economic front, data on Canadian housing starts for the month of September is due at 8:15 AM ET.

The Canadian market closed modestly higher on Tuesday, lifted by gains in materials, healthcare and consumer discretionary sectors.

Data showing a drop in Canadian inflation helped underpin sentiment. Concerns about U.S. interest rates, and slowing global economic growth weighed on stocks and limited market's upside.

The benchmark S&P/TSX Composite Index, which dropped to 19,552.24, recovered to 19,768.64 and eventually settled at 19,692.80, gaining 72 points or 0.37%.

Asian stocks cut early losses to end mixed on Wednesday after a slew of Chinese data topped forecasts. The undertone remained cautious somewhat after a deadly missile attack on Al-Ahli Baptist Hospital in Gaza killed several hundred people, including women and children.

European stocks are down firmly in negative territory with fears over an escalation in the Middle East conflict outweighing somewhat improved economic data from China.

In commodities, West Texas Intermediate Crude oil futures are up $2.40 or 2.78% at $89.06 a barrel.

Gold futures are rising $23.90 or 1.23% at $1,959.60 an ounce, while Silver futures are up $0.371 or 1.61% at $23.395 an ounce.

Indonesia Stock Market May End Losing Streak On Monday

The Indonesia stock market has moved lower in two straight sessions, slipping almost 85 points or 1.1 percent along the way. The Jakarta Composite Index now sits just shy of the 7,860-point plateau although it's likely to stop the bleeding on Monday.

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Australian Market Notably Higher

The Australian stock market is notably higher on Monday, recouping the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving well above the 9,000.00 mark, with gains across most sectors led by mining and technology stocks. Financial stocks were the only weal spot.

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Hong Kong Shares Tipped To Open In The Green

The Hong Kong stock market has moved higher in two of three trading days since the end of the four-day losing streak in which it had fallen more than 480 points or 1.7 percent. The Hang Seng Index now rests just beneath the 25,340-point plateau and it's expected to open higher again on Monday.

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China Stock Market May Extend Winning Streak

The China stock market has moved higher in three straight sessions, advancing almost 100 points or 2.9 percent along the way. The Shanghai Composite Index now sits just above the 3,825-point plateau and it's expected to add to its winnings again on Monday.

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Rebound Anticipated For Taiwan Stock Market

The Taiwan stock market on Friday snapped the two-day winning streak in which it had gained more than 600 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 23,760-point plateau, although it's likely to bounce higher again on Monday.

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Singapore Stock Market May See Additional Support On Monday

The Singapore stock market has climbed higher in four straight sessions, improving more than 65 points or 1.5 percent along the way. The Straits Times Index now sits just above the 4,250-point plateau and it's got a strong lead again for Monday's trade.

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Malaysia Stock Market Likely To Crack Resistance At 1,600 Points

The Malaysia stock market has moved higher in two straight sessions, collecting almost 10 points or 0.7 percent along the way. The Kuala Lumpur Composite Index now sits just shy of the 1,600-point plateau and it's expected to open to the upside again on Monday.

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Japan Stock Market May Extend Friday's Gains

The Japan stock market on Friday halted the three-day losing streak in which it had stumbled more than 1,100 points or 2.7 percent. The Nikkei 225 now rests just above the 42,630-point plateau and it's expected to see additional support on Monday.

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