FX.co ★ Bay Street Likely To Open Higher

Canadian stocks are anticipated to open at a higher note on Wednesday, reflecting positive international trends. Investors' reactions to the recent earnings reports from leading US and Canadian firms are expected.

In economic news, the data concerning Canadian retail sales for February is scheduled for release at 8:30 AM ET. Similarly, manufacturing sales data for March is expected at the same time.

Regarding earnings, the Canadian National Railway reported a net income of $1,103 million for the first quarter, a decrease from last year's $1,220 million during the same period.

First Quantum Minerals, on the other hand, reported a net loss of $159 million for the first quarter of 2024, an improvement from a net loss of $259 million during the same quarter of the previous year.

Rogers Communications Inc.'s first-quarter report shows a net income of $256 million, a drop from the $511 million recorded last year. The company's adjusted net income for the recent quarter was $540 million, slightly down from $553 million in the same period last year.

Metro Inc. reported a net earning of $187.1 million in the second quarter, marking a 14.5% decrease from the previous year.

The Canadian market concluded Tuesday on a high note, with investors purchasing stocks in response to easing geopolitical worries and a positive lead from Wall Street. This marked the fifth consecutive session with an upward trend.

Due to weak US PMI data, there are growing expectations that the US central bank might soon start lowering rates.

After reaching a peak of 22,051.15 during the day, the benchmark S&P/TSX Composite Index closed with an increase of 139.76 points or 0.64% at 22,011.72.

Asian stocks ended Wednesday on a higher note, with a sharp focus on the earnings reports from US mega-companies expected this week.

European stock markets are performing well, though the atmosphere is somewhat cautious following a comment from an ECB policymaker that an anticipated rate cut in June might not be succeeded by further cuts.

On the commodities market, West Texas Intermediate Crude oil futures have dropped by 0.27 or 0.33%, valued at $83.09 a barrel.

Gold futures have decreased by $13.30 or 0.56% at $2,328.80 per ounce, while Silver futures have descended by $0.212 or 0.77% at $27.150 per ounce.