Bay Street Likely To Open With Negative Bias

(RTTNews) - Canadian shares are likely to open with a negative bias on Wednesday, weighed down by weak commodity prices and European stocks.

Investors, in addition to following the U.S. elections results, are likely to make stock specific moves, tracking a slew of earnings updates.

Results so far show Republicans are likely to narrowly win control of the U.S. House.

In Canadian company news, BMO Financial Group (BMO.TO) said that its subsidiary, BMO Harris Bank N.A. intends to pursue all available legal options including appealing the jury verdict and award in a lawsuit related to a Ponzi scheme carried out by Thomas J. Petters and certain affiliated individuals and entities that operated a deposit account at a predecessor bank, M&I Marshall and Ilsley Bank.

Canopy Growth Corp. (WEED.TO) reported that its second quarter net loss attributable to Canopy Growth widened to C$221.8 million from a loss of C$11.1 million, prior year. Loss per share was C$0.47 compared to a loss of C$0.03.

CGI Inc (GIB.A.TO) reported fourth-quarter net earnings of $362.4 million, up 4.7% year-over-year.

Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of $436 million for the quarter ended September 30, 2022, compared with net income of $536 million in the corresponding quarter of the previous year.

Boyd Group Services Inc (BYD.TO) said its net earnings increased to $11.9 million in the third quarter, compared with $0.4 million in the same period of 2021 and net earnings per share increased to $0.55, compared with $0.02 in the same period of 2021

The Canadian market shrugged off a late afternoon setback and ended on a positive note on Tuesday. The benchmark S&P/TSX Composite Index dropped to 19,533.85 after having climbed to 19,743.32 earlier in the session, and finally settled at 19,660.31, recording a gain of 114.40 points or 0.59%.

Asian stocks turned in a mixed performance on Wednesday as investors fretted about a surge in new infections in some Chinese cities and monitored the U.S mid-term election results. Thursday's U.S. CPI data also remained on investors' radar.

Chinese shares ended lower as COVID-19 cases in the country continued to surge and inflation data painted a rather gloomy picture. The benchmark Shanghai Composite index slipped 0.53 percent to close at 3,048.17.

China's consumer inflation slowed more than expected in October, while the annualized producer price index fell for the first time in October since December 2020, separate reports showed.

European stocks slipped into the red on Wednesday as investors awaited the results of Tuesday's midterm elections in the United States.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.56 or 1.75% at $87.35 a barrel.

Gold futures are lower by $5.20 or 0.3% at $1,710.80 an ounce, while Silver futures are down $0.142 or 0.66% at $21.360 an ounce.