Bay Street Likely To Open On Weak Note

(RTTNews) - Lower crude oil and bullion prices point to a negative start for the Canadian market Wednesday morning. U.S. consumer price inflation data is likely to make a significant impact on price movements.

Worries about trade war may also weigh on sentiment. Investors will be reacting to a slew of earnings announcements from Canadian companies.

First Quantum Minerals Ltd. (FM.TO) reported net earnings of $99 million, or $0.12 per share, for the three months ended December 31, 2024, as against net loss of $1,447 million, or $2.09 per share, in the year-ago quarter.

Toromont Industries Ltd. (TIH.TO) reported net earnings of $156.3 million for the quarter ended December 31, 2024, compared with $154.1 million in the year-ago quarter.

Barrick Gold Corp (ABX.TO) reported adjusted net earnings of US$794 million for the fourth-quarter of 2024, up from $466 million a year ago.

After a weak start and a subsequent sharp drop, the Canadian market briefly emerged into positive territory by noon on Tuesday, but retreated a bit and stayed sluggish thereafter and eventually settled marginally down.

The U.S. President Donald Trump's decision to impose 25% tariffs on steel and aluminum imports and the threat of more levies weighed on sentiment.

The benchmark S&P/TSX Composite Index ended with a loss of 27.03 points or 0.11% at 25,631.83. The index, which dropped to 25,480.33 early on in the session, climbed to 25,672.90 and then stayed in a tight band.

Asian stocks ended Wednesday's session on a muted note as bond yields jumped after Federal Reserve Chair Jerome Powell's comments on interest rates and economic stability.

Traders also waited for an announcement on higher reciprocal tariffs that U.S. President Donald Trump might unleash.

The major European markets are mostly subdued with investors awaiting the crucial U.S. consumer price inflation data, and Fed Chair Jerome Powell's second day of testimony, for clues about the likely move of the U.S. central bank with regard to interest rates in the coming months.

In commodities, West Texas Intermediate Crude oil futures are down $0.89 or 1.21% at $72.43 a barrel.

Gold futures are down $23.70 points or 0.81% at $2,908.90 an ounce, while Silver futures are lower by $0.127 or 0.39% at $32.195 an ounce.