Bay Street Seen Opening On Positive Note

Canadian shares look headed for a higher start Wednesday morning, tracking firm commodity prices and positive European markets.

Data on new housing prices in Canada for the month of June is due out at 8:30 AM ET.

The Canadian market ended on a strong note on Tuesday, as stocks rebounded on bargain hunting after two successive days of sharp losses. The benchmark S&P/TSX Composite Index, which edged down slightly to 19,714.67 in early trades, ended up by 216.26 points or 1.1% at 19,942.71, after hitting a high of 19,983.86.

Canadian National Railway Inc. (CNR.TO) reported diluted earnings per share of C$1.46 in the second quarter, an increase of 90% over the year-ago quarter. Adjusted diluted EPS came in at C$1.49, an increase of 16% over the same quarter last year.

Mullen Group Ltd. (MTL.TO) and Rogers Communications Inc (RCI.B.TO) are scheduled to announce their quarterly results after trading hours today.

Asian stocks turned in a mixed performance on Wednesday despite a strong rebound on Wall Street overnight on the back of upbeat earnings reports and renewed optimism about economic growth.

European stocks are up firmly in positive territory, bouncing back strongly thanks to some upbeat results and earnings guidance.

In commodities, West Texas Intermediate Crude oil futures for September are up $0.87 or 1.3% at $68.07 a barrel.

Gold futures are down 10.00 or 0.56% at $1,801.40 an ounce, while Silver futures are gaining $0.135 or 0.54% at $25.130 an ounce.

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