Bay Street Likely To See Subdued Start

Canadian shares are likely to open on a somewhat subdued note Wednesday morning, tracking mixed global cues.

The mood is likely to remain cautious as reports say several countries are looking to impose stricter restrictions on movements to curb the spread of the coronavirus infection.

The Canadian stock market ended modestly higher on Tuesday, after posting losses in the previous four sessions. The benchmark S&P/TSX Composite Index ended with a gain of 33 points or 0.15% at 21,453.77. snapping a four-day losing streak. The index, which advanced to 21,527.48 early on in the session, touched a low of 21,350.72 about an hour before noon.

Asian stocks ended on a muted note Wednesday as U.S. Treasury yields continued to rise on expectations that the Federal Reserve might speed up policy tightening to cope with broadening inflationary risks.

Concerns about rising coronavirus cases and fresh lockdown measures in Europe and elsewhere hurt as well.

European stocks pared early gains and are exhibiting weakness in early afternoon trade, amid concerns about a surge in coronavirus cases and imposition of fresh restrictions on movements in several countries in the continent.

In commodities, West Texas Intermediate Crude oil futures are down marginally at $78.47 a barrel.

Gold futures are gaining $1.50 or 0.1% at $1,785.30 an ounce, while Silver futures are down slightly at $23.430 an ounce.

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