Canadian Stocks Seen Opening On Mixed Note; Fed Policy Eyed

RTTNews | 43 days ago

(RTTNews) - Canadian stocks are seen opening on a mixed note on Wednesday with investors reacting to earnings and geopolitical news and looking ahead to the Federal Reserve's monetary policy announcement.

Middle east tensions escalated again following joint U.S.-Saudi Arabia strikes in Iraq, targeting Iran-backed militias.

Cenovus Energy reported earnings per share of $1.53 for the second quarter, compared with $0.45 in the year-ago quarter.

Great-West Lifeco Inc reported second-quarter earnings of C$1.039 billion, or C$1.15 per share, compared with C$894 million, or C$0.96 per share, a year earlier.

First Quantum Minerals reported second-quarter net earnings of $136 million, or $0.16 per share, compared with $18 million, or $0.02 per share, a year earlier.

Toromont Industries Ltd's net earnings in the second quarter came in at C$124.5 million, or C$1.53 per share, compared with C$124.3 million, or C$1.53 per share, a year earlier.

Agnico Eagle Mines, Alamos Gold, CGI Inc., Ivanhoe Mines and IGM Financial are scheduled to report their quarterly earnings today.

The Canadian market closed notably higher on Tuesday, supported by strong gains in the IT sector.

The benchmark S&P/TSX Composite Index settled at 35,749.70, up by 181.56 points or 0.51%.

Asian stocks ended mixed on Wednesday, with AI valuation concerns and fresh U.S.-Iran tensions keeping investors on edge.

The dollar eased, while gold edged up to $4,043 an ounce as focus shifted to the Federal Reserve's interest rate decision later in the day.

With the new Fed chief scrapping forward guidance, experts remain divided over whether the U.S. central bank will hold interest rates steady or surprise with a rate hike.

European stocks are turning in a mixed performance with investors reacting to quarterly earnings updates and following geopolitical news amid renewed tensions following fresh strikes by U.S. and Saudi Arabia in Iraq, targeting Iran-backed militias.

In commodities trading, West Texas Intermediate Crude oil futures are up $3.52 or 4.5% at $82.78 a barrel.

Gold futures are down $9.00 or 0.22% at $4,029.70 an ounce, while Silver futures are up $0.361 or 0.63% at $57.890 an ounce.

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