Bay Street Likely To Open Higher On Firm Commodity Prices

(RTTNews) - Canadian stocks are likely to open higher Wednesday morning, tracking firm crude oil and metal prices. A positive trend in Europe is also likely to aid sentiment.

Meanwhile, investors will continue to closely follow the developments on the trade front.

Canada-U.S. Trade Minister Dominic LeBlanc told reporters that White House talks were "substantive," but made no announcement on a deal or tariff relief. He also said that talks would continue.

Teck Resources Limited (TECK.TO) has updated its operational outlook following a comprehensive operations review launched in August. The company has also provided third-quarter production and sales volumes.

Canadian stocks closed weak on Tuesday, snapping a seven-day winning streak, as the focus of investors shifted to a meeting between Canadian Prime Minister Mark Carney and U.S. President Donald Trump in Washington.

The benchmark S&P/TSX Composite Index closed at 30.351.72, down by 180.16 points, or 0.59%.

Asian markets closed weak on Wednesday after Wall Street's main indexes pulled back from record highs overnight on the back of mixed messages from Federal Reserve officials on the pace on interest-rate cuts and concerns about a bubble forming around artificial intelligence.

Despite the political tensions in France, the major European markets gained some ground in positive territory, with steel stocks finding support after the European Union proposed to lower shipment quotas for tariff-free steel imports into the bloc, and hike tariffs on volumes that are above the proposed limits.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.99 or 1.6% at $62.72 a barrel.

Gold futures are gaining $59.90 or 1.5% at $4,064.30 an ounce, while Silver futures are up $1.205 or 2.54% at $48.720 an ounce.