Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian stocks may open on a mixed note on Wednesday, tracking commodity prices and quarterly earnings announcements. The mood is likely to remain cautious amid tariff concerns, and uncertainty about the outlook for interest rate cuts next week.

Teck Resources Limited (TECK.TO) reported a profit from continuing operations before tax of C$289 million for the third quarter, compared with a loss of C$759 million in the same period last year, which reflected asset impairment charges of C$828 million.

Mullen Limited (MTL.TO) reprted earnings per share of $0.36 for the third-quarter, compred to $0.41 in the year-ago quarter. Revenue for the quarter came in at $561.8 million, compared to $532 million a year ago.

West Fraser Timber, Whitecap Resources, Winpak, and Precision Drilling are scheduled to announce their earnings later in the day.

The Canadian market ended sharply lower on Tuesday after hotter-than-expected inflation data curbed expectations of a rate cut by the Bank of Canada next week. Weak metal prices triggered heavy selling in the materials sector. The Materials Capped Index plunged more than 8%, contributing substantially to market's sharp fall.

The benchmark S&P/TSX Composite Index opened weak and traded firmly negative throughout the session before finally settling at 29,888.82 down by 527.62 points, or 1.73%.

Asian stocks closed weak on Wednesday, weighed down by renewed U.S.-China trade tensions and mixed U.S. earnings.

European stocks are weak amid geopolitical and trade concerns, although the U.K. market is bucking the trend thanks to softer-than-expected inflation data.

In commodities trading, West Texas Intermediate crude oil futures are up $0.53 or 0.91% at $58.35 a barrel.

Gold futures are down $10.60 or 0.26% at $4,098.50 an ounce, while Silver futures are gaining $0.096 or 0.20% at $47.800 an ounce.