Bay Street Seen Opening On Positive Note

(RTTNews) - Higher commodity prices and steady European stocks point to a positive start for the Canadian market on Wednesday.

With the crucial U.S. inflation data that could provide some clues about Fed's policy stance, due on Thursday, the mood in the market is likely to remain a bit cautious.

After Fed Chair Jerome Powell refrained from commenting on rate policy at a symposium, investors now await the release of U.S. inflation data for additional clues on the rate outlook.

Despite staying weak till about the final hour, the Canadian market ended modestly higher on Tuesday, extending gains to a third successive session.

The benchmark S&P/TSX Composite Index ended with a gain of 41.79 points or 0.21% at 19,898.86, after scaling a low of 19,745.56 and a high of 19,898.86 intraday. The index, which rallied 1.6% on Friday, gained 0.21% on Monday.

Asian stocks ended mixed on Wednesday as caution crept in ahead of the release of U.S. consumer price inflation data on Thursday.

China signaled less strict measures against tech giant as part of measures to drive economic growth, create more jobs and increase international competitiveness amid renewed headwinds from the COVID-19 pandemic.

European stocks are up firmly in positive territory, as optimism surrounding China's reopening offset lingering worries about slowing global growth and interest rates staying high for a longer period.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.40 or 0.53% at $75.52 a barrel.

Gold futures are gaining $5.30 or 0.28% at $1,881.80 an ounce, while Silver futures are up $0.225 or 0.95% at $23.890 an ounce.