Bay Street Likely To Open Weak Amid Inflation, Middle East Tensions
(RTTNews) - Canadian stocks look headed for a weak start on Wednesday amid concerns about inflation due to rising tensions in the Middle East. Energy stocks may see some brisk buying, tracking sharply higher crude oil prices.
Tech stocks may find some support with OpenAI's launch of its latest model, GPT-6 Astra, boosting investor optimism about AI growth prospects.
Brent crude futures climbed past $100 a barrel mark. At $100.95 a barrel, the contract is up more than 3.1%.
West Texas Intermediate Crude oil futures are up $1.98 or 2.13% at $95.01 a barrel.
Gold futures are up $8.70 or 0.2% at $4,447.70 an ounce, while Silver futures are down $0.150 or 0.25% at $66.850 an ounce.
In corporate news, CGI Inc. announced the acquisition of Callibrity, an end-to-end technology consulting firm that brings together developers, strategists and engineers to help clients solve complex technology challenges. Callibrity brings 120 consultants to CGI and strengthens its presence in the Cincinnati metro market.
The Canadian market ended notably lower on Tuesday, extending losses to a fourth straight session, as the tit-for-tat tariffs imposed on U.S. imports kicked in, increasing concerns of a high-stakes, intense Canada-U.S. trade war.
The benchmark S&P/TSX Composite Index stayed weak right through the session and settled at 36,123.05, down by 390.75 points or 1.07%.
Asian stocks ended mixed on Wednesday as tensions escalated in the Middle East following another round of strikes on energy infrastructure.
Major European markets are notably lower Wednesday afternoon as rising oil prices amid escalating tensions in the Middle East weigh on sentiment.
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