Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are seen opening on a mixed note on Wednesday with investors looking ahead to a fresh round of ceasefire negotiations between officials from the U.S. and Iran later this week. Investors will also be reacting to earnings updates from Morgan Stanley and Bank of America.

Both Morgan Stanley and Bank of America have reported stronger than expected earnings for the first quarter.

BRP Inc.(DOO.TO) said that it has suspended its fiscal 2027 outlook due to the recent amendment of the tariffs on steel, aluminum, and copper imports into the U.S. with effect from April 6.

BRP currently estimates the potential incremental tariff cost related to this amendment to be over $500 million for the remainder of the year. As announced on March 26, for fiscal 2027, the company had projected net income of C$410 million to C$480 million, with normalized earnings of C$5.50 to C$6.50 per share, on total revenue of C$8.900 billion to C$9.150 billion.

Constellation Software Inc.(CSU.TO) said on Wednesday that Juniper Group, an operating group of its Vela Software, has inked a deal to buy a majority interest in Derbysoft Holdings Limited, the parent company of DerbySoft Inc.

In economic news, final data from Statistics Canada showed manufacturing sales in Canada rose 3.6% in the month of February, after a 0.3% decline a month earlier. Sales were expected to rise 3.8%.

Meanwhile, wholesale sales increased 2% in February, less than an expected increase of 2.3%.

Canadian stocks closed higher on Tuesday on reports U.S.-Iran peace talks will resume this week. Israel-Lebanon direct talks concluded today, contributing to the improved sentiment in the market.

The benchmark S&P/TSX Composite Index closed with a gain of 223.12 points or 0.66% at 34,102.36, with IT stocks leading the gainers.

Asian stocks moved higher on Wednesday amid optimism over renewed U.S.-Iran talks. U.S. President Trump told Fox News that he views the war as very close to being over. Media reports suggested negotiating teams from the U.S. and Iran could return to Pakistan later this week.

European stocks are turning in a mixed performance today with investors digesting a slew of corporate earnings updates and following the latest reports about potential fresh round of ceasefire talks between the U.S. and Iran.

In commodities, West Texas Intermediate Crude oil futures are up $1.17 or 1.28% at $92.45 a barrel.

Gold futures are down $13.30 or 0.27% at $4,836.80 an ounce, while Silver futures are down $0.453 or 0.57% at $79.080 an ounce.