Bay Street Seen Opening On Mixed Note; Weak Retail Sales Data May Weigh

Canadian shares are likely to open on mixed note Wednesday morning, tracking commodity prices and reacting to retail sales data for the month of April.

Data released by Statistics Canada showed retail sales in Canada decreased by 5.7% in April over the previous month. Retail sales had increased by 3.6% in March, well above forecasts for a 2.3% rise.

Retail Sales increased 56.7% in April of 2021 over the same month in the previous year.

Crude oil and bullion prices are higher Wednesday morning, rebounding from losses posted in the previous session.

The Canadian market ended modestly higher on Tuesday after fluctuating between gains and losses till a little past noon. The benchmark S&P/TSX Composite Index ended up by 44.29 points or 0.22% at 20,200.65, after scaling a low of 20,110.08 and a high of 20,244.20.

Empire Company Ltd. (EMP.A.TO) announced that it will pay a quarterly dividend of 15 cents per share, up from 13 cents after posting a profit of $171.9 million or 64 cents per share for the 13-week period ended May 1. The company had posted a profit of $177.8 million or 66 cents per share in the same quarter last year.

Asian stocks ended mostly higher on Wednesday after Fed Chair Jerome Powell's reassurance that the recent inflation rate has grown faster than expected but will likely slow down the road helped stabilize U.S. Treasury yields and triggered a tech rally on Wall Street overnight.

European stocks are down in negative territory Wednesday afternoon as worries about inflation outweigh solid business activity data as well as dovish commentary from Fed officials, including Chairman Jerome Powell.

In commodities, West Texas Intermediate Crude oil futures for August are up $0.56 or 0.77% at $73.41 a barrel.

Gold futures are gaining $6.50 or 0.37% at $1,783.90 an ounce, while Silver futures are up $0.108 or 0.4% at $25.965 an ounce.

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