Bay Street Likely To See Positive Start

(RTTNews) - Canadian shares may open higher Wednesday morning, tracking firm crude oil prices. Data on Canadian inflation is also likely to set the trend for the market early on in the session.

Data on Canada's inflation for the month of August is due at 8:30 AM ET. The annual inflation rate in Canada accelerated to 3.7% in July from 3.1% in June. It was the highest inflation rate since May 2011.

Core consumer prices in Canada increased 3.3% in July 2021 over the same month in the previous year.

Data on new motor vehicles sales in the month of July is also due at 8:30 AM ET.

The Canadian market ended notably lower on Tuesday, led by losses in healthcare and energy stocks. Data showing a drop in manufacturing sales in the month of July weighed a bit on the market.

The benchmark S&P/TSX Composite Index ended down by 113.16 points or 0.55% at 20,553.25.

Evertz Technologies Limited (ET.TO) reported first-quarter net earnings of $14.7 million, compared with $0.58 million in the year-ago quarter.

Asian stocks ended mostly lower on Wednesday, as weak Chinese data and fears over the rapid spread of the Delta strain of COVID-19 in the region overshadowed optimism over cooling U.S. inflation. Weak industrial output and retail sales data from China hurt as well.

European stocks are quite subdued amid concerns about the global economic recovery due to weak Chinese data and a strong inflation reading in the U.K., and disappointing sales from fashion retailer H&M.

In commodities, West Texas Intermediate Crude oil futures for October are up $0.97 or about 1.4% at $71.43 a barrel.

Gold futures are down $2.00 or 0.11% at $1,805.00 an ounce, while Silver futures are lower by $0.070 or 0.29% at $23.815 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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