Bay Street Seen Opening On Positive Note

(RTTNews) - Canadian shares are likely to open on a positive note on Wednesday, tracking higher crude oil and bullion prices, as well as firm European markets.

Investors will be reacting to quarterly earnings updates from Canadian companies, and also be focusing on Fed Chair Jerome Powell's speech at a Brookings Institute event later in the day.

Royal Bank of Canada (RY.TO) reported net income of $3.9 billion in the fourth quarter, almost flat from a year ago. For the full financial year, the bank reported a net income of $15.8 billion, down 2% from a year earlier.

National Bank of Canada (NA.TO) reported fourth-quarter net income of $738 million, down 4% from the fourth-quargter net income of $769 million it had posted in the previous year.

BRP Inc (DOO.TO) announced that its bottomline came in at C$141.6 million, or c$1.76 per share in the third quarter of the current financial year, compared with C$127.7 million, or C$1.53 per share in the year-ago quarter.

Enbridge Inc (ENB.TO) announced Pamela Carter as Chair of the Board effective January 1, 2023. The appointment is coincident with the appointment of current Board Chair, Greg Ebel, as President & CEO on the same date.

The Canadian market ended modestly higher on Tuesday, led by gains in materials, energy and healthcare sectors. The benchmark S&P/TSX Composite Index ended with a gain of 56.92 points or 0.28% at 20,277.41. The index touched a low of 20,229.28 and a high of 20,322.70 in the session.

Asian stocks ended broadly higher on Wednesday despite weak data from China and worries about the worsening COVID-19 situation in the country.

China's Shanghai Composite index fluctuated before finishing marginally higher at 3,151.34 as hopes on China eventually reopening its economy offset disappointing factory and services sector data.

European stocks are up in positive territory, with investors reacting to eurozone inflation data and looking ahead to Powell's speech later in the day for clues about Fed's rate hike moves.

According to flash estimate from Eurostat, eurozone inflation slowed more than expected to 10 percent in November from 10.6 percent in October.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.77 or 2.26% at $79.97 a barrel.

Gold futures are gaining $12.60 or 0.72% at $1,761.00 an ounce, while Silver futures are up $0.314 or 1.46% at $21.750 an ounce.