Bay Street Likely To Open With Negative Bias

(RTTNews) - The Canadian market is likely to open on a cautious note with a slightly negative bias on Wednesday.

The focus will be on the interest rate decisions of the Bank of Canada and the U.S. Federal Reserve.

While the Canadian central bank is likely to hold interest rates steady, the Fed is widely expected to cut its rate by 25 basis points.

On Tuesday, the benchmark S&P/TSX Composite Index had ended up 30.61 points, or 0.19%, at 16,418.14, after scaling a low of 16,315.57 and a high of 16,454.11 intraday.

Asian stocks drifted lower on Wednesday as hopes over a concrete U.S.-China trade deal faded and focus shifted to central bank meetings.

European stocks were mostly subdued with investors reacting to a mixed bag of earnings reports and tracking political news from the U.K., which is readying itself for a December 12 general election.

In commodities, crude oil futures were little changed at $55.55 a barrel.

Gold futures were higher by about $4.50 at $1,495.70 an ounce.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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