Canadian shares are expected to open positively on Wednesday, buoyed by encouraging signals from European markets and robust commodity prices. The forthcoming release of U.S. consumer price inflation data, scheduled prior to market opening, is anticipated to play a substantial role in influencing investor sentiment.
On the domestic economic landscape, Canada will release its data concerning manufacturing, wholesale, and new motor vehicle sales at 8:30 AM ET.
In corporate developments, TRX Gold Corp. (TRX.TO) announced a net income of $2.137 million for the quarter ending November 30, 2024, a noteworthy recovery from a $0.039 million loss recorded in the same period the previous year.
Fortuna Mining Corp. (FSM.TO) disclosed its decision to divest its entire stake in Compaia Minera Cuzcatlan S.A. de C.V., the proprietor of the San Jose Mine, to Minas del Balsas S.A. de C.V., a privately-owned Mexican enterprise.
CI Financial Corp's (CIX.TO) unit, Corient, revealed on Wednesday that it has acquired the multi-family office segment of Geller & Company.
The Canadian market recorded a slight uptick on Tuesday, propelled by increases in mining stocks. However, caution prevailed as investors awaited U.S. consumer price inflation figures for more insights into the Federal Reserve's interest rate trajectory.
The benchmark S&P/TSX Composite Index concluded the session with a rise of 52.26 points, roughly a 0.2% gain, settling at 24,588.58.
In Asia, stocks remained largely unchanged on Wednesday following reports indicating that U.S. President-elect Donald Trump's economic advisors are deliberating the gradual implementation of monthly tariffs.
Investors also processed soft U.S. producer inflation figures while anticipating the December CPI release later that day for a clearer perspective on forthcoming Federal Reserve rate decisions.
European shares are experiencing strong gains, aided by declining bond yields and data indicating a deceleration in Britain's consumer price inflation.
In the commodities sector, the West Texas Intermediate Crude oil futures experienced an increase of $0.23 or 0.3%, reaching $77.73 per barrel.
Similarly, gold futures rose by $24.50 or 0.91%, to $2,706.80 an ounce, with silver futures climbing $0.314 or 1.03%, to $30.665 an ounce.
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