Bay Street May Open With Negative Bias; BoC, Fed Policy Moves In Focus

(RTTNews) - Canadian stocks may open with a negative bias on Wednesday amid speculation the Bank of Canada will likely hike interest rate by 25 basis points. The Federal Reserve, which is also scheduled to announce its policy today, is widely expected to hold interest rate.

Weak metal prices and inflation worries due to elevated oil prices could weigh on sentiment.

Investors will also be tracking earnings announcements from Canadian and U.S. companies.

Canadian firms Agnico Eagle Mines, Eldorado Gold, Methaex, Bausch Health Companies, Cogeco Cable and West Fraser Timber are scheduled to announce their quarterly earnings today.

IGM Financial Inc. (IGIFF,IGM.TO), a diversified wealth and asset management company, on Tuesday announced that it will invest an additional $96 million in Wealthsimple as part of the latter's equity financing round of up to $425 million.

The transaction is expected to close in the fourth quarter of 2026.

The company said the financing includes a $300 million primary offering and a secondary offering of up to $125 million.

The Canadian market closed on a positive note on Thursday, riding on gains in materials stocks, and Celestica's jump on strong earnings. Investors looked ahead to interest rate announcements from the Bank of Canada and the Federal Reserve.

The benchmark S&P/TSX Composite Index settled with a gain of 227.33 points or 0.63% at 36,171.49.

Asian stocks closed broadly higher on Wednesday as technology shares followed their U.S. peers higher amid renewed optimism over artificial intelligence demand.

Investors also awaited big tech earnings and the upcoming Federal Reserve's interest-rate decision for direction.

European stocks are turning in a mixed performance today as investors react to a slew of corporate earnings announcements and await policy announcements from major central banks.

In commodities, West Texas Intermediate Crude oil futures are up $1.80 or 1.8% at $101.70 a barrel.

Gold futures are down $11.90 or 0.27% at $4,062.70 an ounce, while Silver futures are down $0.613 or 1.1% at $53.900 an ounce.