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Bay Street Likely To Open Higher

Canadian shares are likely to open on a positive note Wednesday morning, with investors reacting to the data on Canadian inflation and crude oil prices, and looking ahead to the U.S. Federal Reserve's monetary policy announcement, due later in the day.

Data released by Statistics Canada this morning showed inflation rate in Canada decreased to 3.1% in June, compared to 3.6% in the same month last year. Inflation rate increased 0.3% in June over the previous month.

Core consumer prices in Canada increased 2.8% in June 2021 over the same month in the previous year, the data showed.

The Canadian market ended with a small gain on Tuesday as stocks found some support during the closing minutes of the session. The benchmark S&P/TSX Composite Index ended up by 8.39 points or 0.04% at 20,173.35. The index touched a low of 20,081.44 in early trades.

Inter Pipeline Ltd. (IPL.TO) announced that its board is recommending acceptance of the revised takeover offer from an affiliate of Brookfield Infrastructure Partners L.P in light of the termination of the Pembina Arrangement. As per the Revised Brookfield Offer, each Inter Pipeline shareholder will receive, per Inter Pipeline share, C$20.00 in cash or 0.25 of a Brookfield Infrastructure Corporation share. Earlier, the offer was for either C$19.50 in cash or 0.225 of a BIPC Share for each Inter Pipeline share.

Loblaw Companies Ltd. (L.TO) reported adjusted second-quarter profit of $464 million or $1.35 per diluted share, up from $260 million or 72 cents per share in the second quarter of 2020.

Agnico Eagle Mines (AEM.TO) reported Earnings Per Share of $0.84 for the latest quarter, up 12.75% from a year ago.

Alamos Gold Inc (AGI.TO) said it earned $0.16 per share in the second quarter of this financial year, up 2.76% compared to a year earlier.

Asian stocks ended broadly lower on Wednesday amid worries that Beijing's regulation of its tech firms and online education industries may spread to other industries. However, upbeat earnings updates from U.S. megacap technology companies Google, Microsoft and Apple helped limit markets' decline.

After a somwehat sluggish start, the major European markets are modetly higher Wednesday afternoon with investors tracking major corporate earnings and looking ahead to the monetary policy announcement from the U.S. Federal Reserve.

In commodities, West Texas Intermediate Crude oil futures for September are up $0.51 or 0.71% at $72.16 a barrel.

Gold futures are down $3.10 or 0.17% at $1,796.70 an ounce, while Silver futures are gaining $0.176 or 0.7% at $24.825 an ounce.

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