Bay Street Looks Set To Open On Firm Note

(RTTNews) - Canadian shares are likely to open on a firm note on Wednesday, tracking positive global cues thanks to tamer-than-expected consumer price inflation data from the U.S. easing concerns about Fed interest rates.

Firm bullion prices may trigger strong buying in the materials section.

In earnings news, Loblaw Companies Limited (L.TO) reported third-quarter adjusted net earnings of $719 million, an increase of $56 million, or 8.4%, over the net earnings the company posted in the year-ago quarter.

Metro Inc. (MRU.TO) reported fourth-quarter net earnings of $222.2 million, up 31.7% compared to the year-ago quarter. Adjusted net earnings came in at $228.8 million, up 4.3% over its adjusted net earnings in the year-ago quarter.

On the economic front, data on Canadian manufacturing sales and wholesale sales, both for the month of September, are due at 8:30 AM ET.

The Canadian market ended on a buoyant note on Tuesday with investors picking up stocks across the board after data showing tamer than expected U.S. inflation raised hopes the Fed will not hike interest rates again.

Interest rate sensitive financials, real estate and utilities shares posted strong gains. Materials, healthcare and technology stocks rallied sharply. Several stocks from consumer discretionary, industrials and communications sectors too posted impressive gains.

The benchmark S&P/TSX Composite Index ended up 314.58 points or 1.6% at 20,023.73, rising past the 20,000 mark for the first time in almost two months.

Asian stocks ended sharply higher on Wednesday as signs of cooling U.S. inflation bolstered hopes of a pause in interest rate hikes and China reported strong industrial output and retail sales data.

European stocks are up firmly in positive territory with softer inflation data easing worries about the Fed's rate trajectory and China reporting strong industrial output and retail sales data for October.

U.K. stocks are outperforming after official data showed U.K. consumer price inflation eased sharply to a two-year low in October.

In commodities, West Texas Intermediate Crude oil futures are down $0.20 or 0.26% at $78.06 a barrel.

Gold futures are gaining $8.70 or 0.45% at $1,975.20 an ounce, while Silver futures are up $0.348 or 1.5% at $23.480 an ounce.