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Bay Street Likely To Open Higher

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(RTTNews) – Canadian shares are likely to open higher Wednesday morning, tracking steady gold and crude oil prices, and positive cues from Asian and European markets.

Optimism about a U.S. fiscal stimulus and reports that Canada has signed a deal to allow a foreign coronavirus vaccine to be manufactured domestically, are also likely to aid sentiment.

The Canadian market ended on a strong note on Tuesday, extending gains from the previous session. The benchmark S&P/TSX Composite Index ended up 182.04 points or 1.03% at 17,874.49, after gaining a little over 2% on Monday.

Canadian Imperial Bank of Commerce (CM.TO) said it will not proceed with a proposed sale of a significant portion of its majority stake in CIBC FirstCaribbean to GNB Financial Group Limited as it did not receive approval from FirstCaribbean’s regulators.

Asian stocks ended mostly higher on Wednesday as investors cheered strong earnings from Alphabet and Amazon as well as positive news related to Covid-19 vaccine supplies and U.S. stimulus plans.

European stocks are higher, extending gains to a third session, amid expectations of a vaccine-powered strengthening of activity later in the year and additional policy support in a few large economies. Strong earnings from big name U.S. companies also contribute to the positive mood in the markets.

In commodities, West Texas Intermediate Crude oil futures are up $0.45 or 0.82% at $55.21 a barrel.

Gold futures are rising $5.30 or 0.3% at $1,838.70 an ounce, while Silver futures are up $0.633 or 2.4% at $27.035 an ounce.

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