Canadian Market May Open With Slightly Positive Bias

(RTTNews) - Canadian stocks may open with a positive bias Wednesday morning with firm metal prices triggering some buying in the materials sectors. Weak oil prices may weigh on energy stocks and limit market's upside.

The focus will be on a fresh batch of economic data from the U.S., and the minutes from the Federal Reserve's latest monetary policy meeting. AI major Nvidia's earnings update is also eyed.

Magna International Inc. (MGA), a Canadian mobility technology company, on Wednesday announced that it is expanding its footprint in China with a new facility in the Jiujiang Economic Development Zone in Wuhu to meet rising demand for electric drive systems.

The move of the new Wuhu operation strengthens the company's position as a global powertrain technology provider.

Hydro One Limited (H.TO) announced that its wholly-owned subsidiary, Hydro One Inc., has priced an offering of C$1.6 billion of Medium Term Notes. The offering of the Notes is expected to close on November 21, 2025.

Stocks ended weak on Bay Street Tuesday as traders refrained from making big moves ahead of some key economic releases from the U.S. Gains in the energy sector driven by soaring oil prices were dented by a downturn in IT stocks led by "AI bubble" concerns.

The benchmark S&P/TSX Composite Index settled at 30,036.46, down by 39.75 points or 0.13%.

Asian stocks ended mostly lower on Wednesday, failing to hold onto early gains after a three-day sell-off as investors awaited Nvidia earnings, the release of minutes from the Federal Open Market Committee meeting held on October 28-, and the delayed September jobs report.

European stocks are turning in a mixed performance today as investors digest Eurozone and U.K. inflation data, and await fresh economic data from the U.S., and earnings update from AI major Nvidia for direction.

In commodities trading, West Texas Intermediate crude oil futures are down $1.55 or 2.5%% at $59.19 a barrel.

Gold futures are up $49.10 or 1.21% at $4,115.60 an ounce, while Silver futures are gaining $1.439 or 2.84% at $51.960 an ounce. Copper futures are up $0.060 or 1.2% at $5.0340 per pound.