Bay Street Seen Opening Higher On Firm Commodity Prices

(RTTNews) - Canadian shares are likely to open on a firm note Wednesday morning, tracking rising oil and metal prices. Investors will also be following the developments on the geopolitical front and tariff news.

The focus will also be on the data on U.S. producer prices, and retail sales.

West Texas Intermediate Crude oil futures are up $0.81 or 1.32% at $61.96 a barrel.

Gold futures are gaining $41.00 or 0.9% at $4,640.10 an ounce, and Silver futures are up $5.437 or 6.3% at $91.775 an ounce. Copper futures are up $0.0235 or 0.39% at $6.0395 per pound.

After three successive sessions of positive trading, Canadian stocks turned weak on Tuesday as investors assessed the U.S. inflation data.

In addition, markets weighed the impact of increasing geopolitical tensions on the economy compelling traders to take measured steps.

After opening higher than yesterday's close, the benchmark S&P/TSX Composite Index remained volatile through the session before settling just shy of yesterday's record peak at 32,870.36, down by 4.34 points (or 0.01%).

Asian stocks advanced on Wednesday, with Fed rate cut expectations and reports of an imminent snap election in Japan helping underpin investor sentiment.

Traders awaited a possible U.S. Supreme Court ruling on President Donald Trump's emergency tariffs, with speculators assigning a 73 percent chance that the apex court will declare Trump's tariffs illegal.

U.S. Treasury Secretary Scott Bessent assured the department has sufficient funds to pay any potential tariff refunds.

Trump said in his Truth Social post earlier this week that the financial exposure would go beyond tariff revenues already collected.

European stocks are turning in a mixed performance with investors continuing to follow geopolitical news, and assessing the economic impact of proposed new tariffs by the Trump administration.