FX.co ★ Bay Street Likely To Open Slightly Weak

Canadian stocks might experience a slight downturn on Wednesday, influenced by a dip in metal prices and investor caution prior to the release of the Federal Reserve's latest policy meeting minutes.

Alimentation Couche-Tard Inc. is poised to attract attention following news that Japan's Seven & I Holdings received an updated takeover proposal of approximately $47 billion from the company, an increase from the previous offer of $38.5 billion.

Canopy Growth Corporation has announced that its subsidiary, Canopy USA, has finalized the acquisition of Wana. This acquisition grants Canopy USA full ownership of Wana, including Wana Wellness, The CIMA Group, and Mountain High Products.

On Tuesday, the Canadian market closed with a slight decrease after remaining in negative territory throughout the trading session. Investors were in anticipation of new economic data and quarterly earnings reports.

The decline in crude oil and gold prices exerted pressure on energy and materials stocks, contributing to the market's overall weakness.

The S&P/TSX Composite Index finished 30.20 points lower, a decline of 0.13%, closing at 24,072.51. During the session, the index fluctuated between a low of 23,969.27 and a high of 24,083.13.

Asian markets exhibited varied performances on Wednesday as the rally in China’s stimulus lost steam, the Middle East conflict persisted, and investors awaited the Federal Reserve meeting minutes and U.S. inflation data for insights on interest rates.

Chinese stocks notably declined as investors took profits after recent gains. The Shanghai Composite index fell 6.6% amid disappointment over the lack of confidence bolstered by officials regarding stimulus strategies aimed at invigorating the economy.

European markets are modestly gaining in cautious trading ahead of the Fed minutes.

In the commodities sector, West Texas Intermediate crude oil futures experienced a slight decline, trading at $73.53 per barrel.

Gold futures rose by $4.50, or 0.17%, to $2,639.90 per ounce, while Silver futures increased by $0.375, or 1.2%, to $30.975 per ounce.