Bay Street Likely To Open Higher

(RTTNews) - Canadian shares may open higher on Wednesday amid renewed hopes the U.S. and China will agree on a positive trade deal. The focus is also on the Federal Reserve's monetary policy announcement later in the day.

The U.S. central bank is widely expected to hold rates. The accompanying statement and Fed Chair Jerome Powell's post meet conference are eyed for clues about the central bank's future moves with regard to interest rates.

A somewhat muted outcome of the meeting between U.S. President Donald Trump and Canadian Primer Minister Mark Carney may weigh a bit and limit market's upside.

On the earnings front, Barrick Gold reported earnings per share of $0.35 for the latest quarter, compared to $0.19 in the year-ago quarter.

Stella-Jones Inc. (SJ.TO) announced that its net income increased to C$93 million from C$77 million last year. Earnings per share were C$1.67 versus C$77 last year.

Manulife Financial, Great-West Lifeco, Nutrien, WSP Global, Tourmaline Oil Corp, Canadian Utilities and Pan American Silver Corp. are among the companies slated to announce their quarterly earnings today.

The Canadian market ended marginally up after a choppy ride. The benchmark S&P/TSX Composite Index closed up 21.20 points or 0.1% at 24,974.72.

Asian stocks advanced on Wednesday after confirmation that trade talks between the U.S. and China would take place in Switzerland this week, marking the first formal talks between the countries since U.S. President Donald Trump declared sweeping tariffs last month.

European stocks are exhibiting weakness in cautious trade as investors react to earnings and economic data, and await policy announcements from the Federal Reserve and the Bank of England.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.50 or 0.84% at $59.59 a barrel.

Gold futures are down $21.00 or 0.61% at $3,401.80 an ounce, while Silver futures are down $0.216 or 0.65% at $33.165 an ounce.