Bay Street Likely To Open On Subdued Note

(RTTNews) - Slightly lower Canadian and U.S. index futures and mixed commodity prices point to a muted start for the Canadian market on Wednesday. Also, the economic calendar in the U.S. is very light with just a report on new home prices due today.

In Canadian earnings news, AGF Management Limited (AGF.B.TO) reported adjusted net income of $24.5 million ($0.37 adjusted diluted EPS) for the three months ended August 31, 2024, compared to $23.6 million ($0.35 adjusted diluted EPS) for the three months ended May 31, 2024 and $22.9 million ($0.34 adjusted diluted EPS) for the comparative prior year period.

The Canadian benchmark S&P/TSX Composite Index moved past the 24,000 mark for the first ever time on Tuesday, as the market continued its record setting run amid hopes central banks will ease their monetary policies further to spur growth.

The S&P/TSX climbed to 24,011.19 early on in the session, ended with a gain of 57.51 points or 0.24% at 23,952.22.

Asian stocks were muted on Wednesday, even as Chinese and Hong Kong markets posted strong gains to extend the previous session's rally after China's central bank slashed its medium-term lending facility from 2.3% to 2%, marking the largest reduction of interest rates for one-year loans to financial institutions in history.

European stocks are a bit subdued with investors reassessing the ability of China's stimulus to boost demand. In regional economic news, French consumer sentiment strengthened to the highest level in more than two years in September, survey results from the statistical office INSEE showed.

In commodities, West Texas Intermediate Crude oil futures are down $1.27 or 1.77% at $70.29 a barrel.

Gold futures are up $7.60 or 0.28% at $2,684.60 an ounce, while Silver futures are down $0.140 or 0.44% at $32.290 an ounce.