Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note on Wednesday with investors tracking the trend in commodity markets and reacting to corporate earnings updates.

Investors will also be looking ahead to the summit meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing on Thursday. Discussions on trade, technology, rare earth export controls, Taiwan, the Iran war, and artificial intelligence form part of the agenda.

Manulife Financial, Hydro One, Stantec, CCL Industries, Northland Power and Dream Unlimited are scheduled to announce their quarterly earnings today.

Canadian stocks edged higher on Tuesday as traders watched the developments in the U.S.-Iran standoff after reports indicated that the U.S. could restart combat operations while refraining from big moves.

Energy stocks gained, contributing significantly to market's firm close. The benchmark S&P/TSX Composite Index traded lower early in the session but gained ground towards the end of the day before settling at 34,290.73, up by 151.85 points or 0.44%.

Asian stocks turned in a mixed performance on Wednesday as strong momentum in technology stocks helped investors look past concerns over rising U.S. inflation and the Middle East tensions.

European stocks are broadly higher with investors largely reacting to earnings updates and regional economic data.

In commodities, West Texas Intermediate crude oil futures are down $0.32 or 0.31% at $101.86 a barrel.

Gold futures are gaining $21.50 or 0.45% at $4,708.20 an ounce, while Silver futures are up $2.339 or 2.73% at $87.930 an ounce.