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Bay Street Likely To Open On Cautious Note; U.S. Inflation Data In Focus

Canadian shares are likely to open on a cautious note on Wednesday with investors focusing on U.S. inflation data, which will provide clues on the Fed's next move on interest rates.

Investors will also be reacting to a slew of Canadian earnings announcements.

Metro Inc. (MRU.TO) reported net earnings of $275.0 million for the third quarter of current fiscal, up 9% from a year ago. Adjusted net earnings came in at $283.8 million for the latest quarter, up 8.7% from the year-ago quarter.

ATS Automation Tooling Systems Inc. (ATA.TO) reported net earnings of $39.4 million for the first quarter, up 37.3% over the year-ago quarter.

Boyd Group Services Inc. (BYD.TO) announced that its adjusted net earnings for the second quarter increased to $13.6 million, compared with $11.4 million in the same period last year. Adjusted net earnings per share came in at $0.63, compared with $0.53 a year ago.

Centerra Gold Inc (CG.TO) said it posted a net loss of $2.6 million in the second quarter of this financial year. The loss included a $40.9 million reclamation provision revaluation recovery at the Endako Mine and the Thompson Creek Mine, the company said.

Magnet Forensics Inc. (MAGT.TO) reported net loss of $1 million in the second quarter of 2022, compared to net income of $1.6 million in the corresponding quarter last year.

The Canadian market ended notably lower on Tuesday after spending almost the entire session in negative territory. Healthcare and technology stocks were the major losers. The benchmark S&P/TSX Composite Index ended lower by 90.87 points or 0.46% at 19,578.30.

Asian stocks ended lower on Wednesday, as risk appetite remained in check ahead of key U.S. inflation data due out later in the day that could offer clues on the Fed's next move on interest rates.

European stocks are turning in a mixed performance in cautious trade with investors awaiting the consumer price inflation data from the U.S.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.51 or 1.67% at $88.99 a barrel.

Gold futures are down $3.70 or 0.21% at $1,808.60 an ounce, while Silver futures are lower by $0.037 or 0.17% at $20.445 an ounce.

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