Bay Street Seen Opening On Cautious Note

The Canadian stock market is likely to open on a cautious note Wednesday morning with investors reacting to the data on Canada's inflation, and looking ahead to the U.S. Federal Reserve's monetary policy announcement, due later in the day.

Data on Canadian inflation reading for the month of May, and wholesale sales are due at 8:30 AM ET.

The Canadian market hit a fresh record high on Tuesday, lifted by strong gains in energy stocks after oil prices rose sharply on demand hopes. The benchmark S&P/TSX Composite Index ended with a gain of 73.67 points or 0.37% at 20,231.32, after hitting a new high at 20,269.90.

Asian stocks ended lower on Wednesday as investors refrained from making big bets ahead of the U.S. Federal Reserve's policy meeting later in the day.

European stocks are swinging between gains and losses in cautious trade with investors reacting to somewhat disappointing data from China and the Euro area, and looking ahead to the Federal Reserve's comments on inflation and stimulus outlook.

In commodities, West Texas Intermediate crude oil futures are gaining $0.22 or 0.31% at $72.34 a barrel.

Gold futures are down slightly at $1,856.10 an ounce, while Silver futures are gaining $0.142 or 0.51% at $27.835 an ounce.

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