Inflation data and the central bank’s monetary policy announcement will set the trend for the Canadian stock market on Wednesday. Weak crude oil prices may weigh on energy stocks.
Some bargain hunting is likely after two successive days of losses.
Investors will be reacting to the data on Canadian inflation for the month of March. The data is due at 8:30 AM ET.
The Bank of Canada will be announcing its rate decision at 10 AM ET. The bank’s views on economic outlook and monetary policy stance will provide some direction to the market.
The Canadian market ended notably lower on Tuesday, extending losses from the previous session. The benchmark S&P/TSX Composite Index ended lower by 163.64 points or 0.85% at 19,040.78, off the day’s low of 18,967.09.
Rogers Communications Inc. (RCI.B.TO) reported adjusted net income of $394 million or $0.77 per share for the quarter ended March 31, 2021, compared to $367 million or $0.71 per share in the year ago quarter.
Asian stocks ended sharply lower on Wednesday as a resurgence of coronavirus infections in some countries cast doubt over an economic rebound from the pandemic. Japanese shares tumbled as investors braced for another state of emergency expected to be imposed in the capital and other major cities.
After a positive start and a subsequent mild retreat, European markets recovered and are currently up with modest gains, thanks to some encouraging earnings announcements.
In commodities, West Texas Intermediate Crude oil futures are down $0.88 or 1.37% at $61.56 a barrel.
Gold futures are up $5.90 or 0.33% at $1,784.10 an ounce, while Silver futures are up $0.265 or 1.03% at $26.105 an ounce.
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