Bay Street Likely To See Mixed Open
(RTTNews) - Canadian shares are likely to open on a mixed note on Wednesday. While cues from European markets are positive, commodities are trading weak.
Worries about interest rates and outlook for growth may weigh on the market.
In Canadian earnings news, Alimentation Couche-Tard (ATD.TO) reported fourth-quarter net earnings of $670.7 million , or $0.68 per diluted share, compared with $477.7 million , or $0.46 per diluted share for the fourth quarter of fiscal 2022.
Canadian stocks closed higher on Tuesday as cooler-than-expected consumer price inflation data helped underpin sentiment. Encouraging economic data from across the border helped as well.
The benchmark S&P/TSX Composite Index ended with a gain of 145.77 points or 0.74% at 19,733.09.
Asian shares ended mixed on Wednesday as Chinese industrial profits data disappointed and a softer than expected headline inflation figure in Australia raised the prospect of a pause in interest rate rises from the Reserve Bank of Australia.
Investors shifted their focus to Fed Chair Jerome Powell's upcoming remarks after a slew of upbeat U.S. economic data pointed to a resilient economy.
European stocks are up in positive territory with strong U.S. economic data aiding sentiment. Investors are shrugging off the results of a key survey showing that German consumer confidence has fallen for the first time since October.
In commodities, West Texas Intermediate Crude oil futures are down $0.22 or 0.33% at $67.48 a barrel.
Gold futures are down $7.90 or 0.41% at $1,915.90 an ounce, while Silver futures are lower by $0.260 or 1.11% at $22.700 an ounce.
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