Bay Street Likely To Open Higher; US Inflation Data In Focus

Canadian shares are likely to open higher on Wednesday, tracking gains in European markets and higher commodity prices.

The U.S. inflation data will be in focus.

In Canadian earnings news, Boralex Inc (BLX.TO) reported net earnings of $57 million for the quarter ended March 2022, compared with $40 million in the year-ago quarter.

The Canadian market failed to hold early gains and ended weak on Tuesday as concerns about slowing global growth and rising interest rates rendered the mood cautious.

The benchmark S&P/TSX Composite Index, which advanced to 20,253.33 in early trades, ended the session with a loss of 109.63 points or 0.55% at 19,890.06, extending losses to a fourth straight session.

Asian stocks ended mixed on Wednesday, with Chinese and Hong Kong stocks rising after China's securities watchdog pledged a slew of measures to shore up confidence in the region's worst-performing stock market.

European stocks are up firmly in positive territory as virus cases dropped in China and the country's securities regulator pledged action to shore up the stock market.

In commodities market, West Texas Intermediate Crude oil futures are up $4.10 or 4.1% at $103.86 a barrel.

Gold futures are gaining $8.70 or 0.5% at $1,849.70 an ounce, while Silver futures are up $0.301 or 1.4% at $21.725 an ounce.

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