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Bay Street Seen Opening On Positive Note

Canadian shares look headed for a positive start Wednesday morning thanks to another surge in crude oil and gold prices. Optimism about a decision on coronavirus stimulus in the U.S. is also likely to push stock prices higher.

In economic news, Statistics Canada's report showed Canada's trade deficit widened to C$ 3.19 billion in June 2020 from an upwardly revised C$ 1.33 billion in May. Imports jumped 21.8% to C$ 42.9 billion, while exports rose 17.1% to C$ 39.71 billion in the month, the data showed.

On Tuesday, the market ended on a strong note, riding on gains in energy and materials sections. The benchmark S&P/TSX Composite Index ended up 198.83 points or 1.23% at 16,368.03.

In earnings news, Thomson Reuters Inc. (TRI.TO) reported second-quarter net income of US$126 million or 25 cents per share compared with US$180 million or 36 cents per share in the second quarter of 2019.

Great-West Lifeco Inc. (GWT) reported second-quarter earnings of $706 million, an increase of 13% from the second quarter 2019. Net earnings for the second quarter of this financial year was $863 million, the company said.

Asian stocks turned in a mixed performance on Wednesday as investors made cautious moves, keeping a watchful eye on the upcoming U.S. job report as well as negotiations on a U.S. Covid-19 relief bill. Reports that the U.S. and China are planning to review the implementation of their phase one trade deal soon contributed as well to the cautious mood in stock markets.

European stocks are broadly higher as investors look forward to some progress in U.S. stimulus talks. A survey report showing eurozone's private sector grew at its fastest rate in over two years in July is aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are up $1.35 or 3.25% at $43.05 a barrel.

Gold futures for December are rising $31.40 or 1.55% at $2,052.40 an ounce.

Silver futures for September are gaining $0.987 or 3.79% at $27.015 an ounce, while Copper futures for September are up $0.0165 or 0.6% at $2.9110 per pound.

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