Bay Street Likely To Open On Subdued Note

(RTTNews) - Canadian shares look headed for a somewhat subdued start on Wednesday as investors, looking for further progress in geopolitical and trade talks, are likely to remain largely cautious with their moves. Energy and gold stocks may attract buyers thanks to higher oil and bullion prices.

The White House meeting on Tuesday between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy did not deliver any immediate breakthrough though Trump's push for peace has increased the expectations of an end to the Russia-Ukraine war.

After yesterday's meeting, Trump announced that he was preparing for a face-to-face meeting between the presidents of Ukraine and Russia, and later, a trilateral summit involving himself in the negotiations.

Investors are also looking ahead to the Jackson Hole Economic Symposium, starting this Thursday, to be held in Wyoming.

Canadian New Housing Price Index reading for the month of July is due at 8:30 AM ET.

New home prices in Canada fell 0.2% in June, dropping for the third consecutive month.

The Canadian market ended lower on Tuesday amid uncertainty over Fed interest rate cuts. The benchmark S&P/TSX Composite Index settled at 27,823.88, down 98.97 points or 0.35%.

Data released by Statistics Canada showed that the year-on-year annual inflation rate in Canada eased to 1.7% in July from 1.9% in June. The month-on-month consumer prices rose by 0.3% over a month in July after a 0.1% increase in June. On a seasonally adjusted monthly basis, consumer prices inched up 0.1%.

Year-on-year, core consumer prices increased 2.6% in July, while the core month-over-month inflation rate remained unchanged at 0.1% in July.

Asian stocks ended mixed on Wednesday as investors locked in profits in tech stocks amid concerns over valuations and reports of potential U.S. government equity stakes in major chipmakers.

Investors also followed the ongoing Ukraine peace talks and looked ahead to Fed Chair Jerome Powell's Jackson Hole speech due this week for more clarity on September rate cuts.

European stocks are turning in a mixed performance today with investors awaiting more news from the trade front, and looking ahead to the Jackson Hole Symposium that gets underway on Thursday.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.65 or 1.04% at $63.00 a barrel.

Gold futures are gaining $10.50 or 0.32% at $3,369.20 an ounce, while Silver futures are down $0.237 or 0.65% at $37.095 an ounce.