Bay Street Likely To See Mixed Open

(RTTNews) - Canadian shares are seen opening on a mixed note on Wednesday, with investors digesting inflation data, and tracking geopolitical news.

Data on Canadian inflation for the month of October is due at 8:30 AM ET. Canada's inflation rate slowed to 6.9% in September, slightly above market estimates of 6.8%. Core inflation increased 6% in September over the same month in the previous year.

Data on Canadian housing starts for October is due at 8:15 AM ET.

In earnings news, Loblaw Companies Limited (L.TO) reported adjusted net earnings of $663 million in the third quarter of this financial year, an increase of $123 million, or 22.8%, over the year-ago quarter.

Metro Inc. (MRU.TO) reported net earnings of $168.7 million in the fourth quarter, down 13.0% from a year ago. Adjusted net earnings came in at $219 .4 million in the latest quarter, up 9.4% over the year-ago quarter.

The Canadian market ended modestly higher on Tuesday. Data showing a smaller than expected increase in U.S. producer prices helped raise hopes the Federal Reserve will slow the pace of interest rate hikes as soon as next month.

The benchmark S&P/TSX Composite Index ended with a gain of 72.97 points or 0.37% at 19,994.78. The index opened at 20,117.36.

Asian stocks ended on a subdued note Wednesday, as investors waited for more clarity over reports Russian missiles aimed at Ukraine have hit NATO territory in Poland. A smaller than expected increase in U.S. producer prices that helped ease concerns about aggressive rate hikes by the Fed limited market's downside.

European stocks are drifting lower amid geopolitical concerns following the missile blast in Poland.

Poland's president Andrej Duda said there are no indications that the rocket that hit Polish territory Tuesday was an intentional attack on the NATO member by Russia, as leaders in the military alliance moved to de-escalate the incident. 

"Most likely, this was an unfortunate accident," Duda told reporters in Warsaw today, adding that the missile was probably part of Ukraine's air defense.

In commodities trading, West Texas Intermediate Crude oil futures for December are up marginally at $86.97 a barrel.

Gold futures are gaining $8.90 or 0.5% at $1,785.40 an ounce, while Silver futures are up $0.497 or 2.31% at 22.015 an ounce.