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Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a mixed note Wednesday morning, tracking cues from Asian and European markets where stocks showed some weakness amid rising bond yields.

Investors will also be reacting to Canadian inflation data. Higher crude oil prices may trigger some buying in the energy sector, but the overall mood is likely to remain a bit cautious.

Data on inflation for the month of January is due out at 8:30 AM ET. Canada's inflation came in at 0.7% in December. Core inflation rate stood at 1.5% in December 2020.

The Canadian market ended on a positive note on Tuesday despite pulling back off the record intraday higher set earlier in the session. The benchmark S&P/TSX Composite Index ended the day up 32.51 points or 0.18% at a record closing high of 18,492.72.

Shopify Inc. (SHOP.TO) reported net profit of US$123.9 million for the fourth quarter, up from US$771,000 a year earlier, as its revenue nearly doubled. The company said the net profit amounted to 99 cents per diluted share for the quarter ended December 31, up from a penny per diluted share a year earlier.

SSR Mining Inc. (SSRM.TO) announced that its Board of Directors declared a quarterly cash dividend of US$0.05 per common share, payable on March 31, 2021 to holders of record at the close of business on March 5, 2021.

Asian stocks turned in a mixed performance on Wednesday as surging bond yields driven by increasing inflationary concerns overshadowed hopes for a vaccine-led economic recovery.

European shares are exhibiting some weakness as concerns about inflation outweigh optimism over swifter economic recovery.

In commodities, West Texas Intermediate Crude oil futures are up $1.10 or 1.8% at $61.15 a barrel.

Gold futures are down $8.00 or 0.44% at $1,791.00 an ounce, while Silver futures are sliding $0.105 or about 0.4% at $27.220 an ounce.

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