Bay Street Seen Opening On Mixed Note; BoC, Fed Announcements In Focus

(RTTNews) - Canadian stocks are seen opening on a mixed note Wednesday morning, with investors tracking global cues and the trend in commodity markets, as well as the developments in the Middle East where the war continues to cause concerns.

The focus will be on the Bank of Canada's policy announcement due this morning, and the Federal Reserve's rate decision due later in the day.

Both BoC and the Fed are widely expected to hold rates. The accompanying statements from the central banks are eyed for clues about future policy moves.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.60 or 1.66% at $95.55 a barrel.

Gold futures are down $93.70 or 1.88% at $4,914.60 an ounce, while Silver futures are down $1.446 or 1.81% at $78.475 an ounce.

Canadian stocks inched higher on Tuesday after Iran stepped up its attacks on neighbors. Consequently, oil prices jumped, pushing energy-linked stocks and the market higher.

After moving notably higher early in the session, today the benchmark S&P/TSX Composite Index gave up most of the early gains but traded above the flatline before settling at 32,929.09, up by 52.44 points (or 0.16%).

Six of the 11 sectors posted gains today, with the IT sector leading the pack.

In the ongoing Middle East war, concerns of long-term supply disruption of crude oil have deepened after Iran's fresh attacks on oil production facilities over its neighbors coupled with the ongoing shipping transit blockade through the Strait of Hormuz.

Asian stocks closed broadly higher on Wednesday as oil prices fell sharply, and investors awaited the U.S. Federal Reserve's interest rate decision later in the day.

The major European markets are up in positive territory today, extending gains to a third straight session. Oil's fall amid easing concerns about supplies is aiding sentiment. Also, investors are awaiting the policy announcement from the Fed later in the day, and rate decisions from the Bank of England and the European Central Bank, due on Thursday.