Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a somewhat mixed note on Wednesday, tracking commodity prices. With some crucial economic data, including jobs data from Canada and the U.S. due later in the week, the mood is likely to remain cautious.

Data from Statistics Canada showed labour productivity of Canadian businesses rose 0.2% in the first-quarter of 2025, slowing from a upwardly revised 1.2% in the fourth quarter of 2024. Still, this marks a second consecutive quarterly gain, the first such streak since the COVID-19 pandemic.

Canadian stock market ended modestly higher on Tuesday after a cautious session ahead of key economic numbers later this week. Markets remained closed on Monday due to Labor Day Holiday.

The benchmark S&P/TSX Composite Index ended the session at a new record closing high of 28,615.62, gaining 51.17 points or 0.18%.

Domestic growth data released last week gave rise to expectations of a rate cut by Bank of Canada. Notably, GDP for the second quarter of 2025 ended on June 30 contracted by 1.6%.

Asian stocks fell broadly on Wednesday, with rising bond yields, tariff-related uncertainties and caution ahead of key U.S. employment data due later in the week keeping investors on edge.

China's Shanghai Composite Index slumped 1.2%, with defense-related shares taking a major hit as a massive military parade in central Beijing concluded. Japanese markets ended notably lower after data showed Japanese service sector growth moderated in August.

The major European markets are up in positive territory, due largely to some bargain hunting after the previous session's weakness. Investors are also digesting regional manufacturing and services sector activity data.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.30 or 0.46% at 65.29 a barrel.

Gold futures are gaining $15.00 or 0.43% at $3,607.20 an ounce, while Silver futures are up $0.043 or 0.1% at $41.635 an ounce.