Bay Street Likely To Open On Mixed Note

RTTNews | 1388 days ago

(RTTNews) - Canadian shares look headed for a mixed start on Wednesday, tracking commodity prices and sluggish European markets.

The focus will be on the minutes of the latest monetary policy meeting of the Federal Reserve.

Worries about rising Covid-19 cases in China may weigh on sentiment.

In Canadian earnings news, Alimentation Couche-Tard Inc (ATD.TO) reported after trading hours on Tuesday that it posted net earnings of $810.4 million, or $0.79 per diluted share for the second quarter of fiscal 2023 compared with $694.8 million, or $0.65 per diluted share for the second quarter of fiscal 2022.

Despite lingering concerns about inflation and rate hikes, and geopolitical tensions, as well as a surge in Covid cases in China, the Canadian market ended sharply higher on Tuesday, aided by strong gains in energy and materials sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 242.88 points or 1.22% at 20,220.01.

Asian stocks ended mostly higher on Wednesday despite lingering worries about the Chinese economy and ahead the release of latest Fed meeting minutes later in the day.

Rising COVID-19 infections in China and a record interest-rate hike New Zealand capped markets' upside.

European stocks are swinging between gains and losses in cautious trade as investors await the release of minutes of the most recent decisions of the Federal Reserve and the European Central Bank for directional cues.

Business activity fell across the eurozone for the fifth consecutive month in November, adding to fears of a recession.

In commodities trading, West Texas Intermediate Crude oil futures are down $2.05 or 2.5% at $78.90 a barrel.

Gold futures are down $3.00 or 0.2% at $1,736.90 an ounce, while Silver futures are gaining $0.106 or 0.45% at $21.155 an ounce.

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