Bay Street Seen Opening On Mixed Note

Canadian shares look headed for a mixed start on Wednesday, tracking global cues and slightly higher commodity prices. Ahead of crucial inflation data from the U.S., and earnings updates from major banks, the mood is likely to remain cautious.

Algonquin Power & Utilities Corp. (AQN.TO, AQN), said that Liberty Utilities Co., APUC’s U.S. regulated distribution utility holding company, priced an offering of $500 million of 5.577% senior notes due January 31, 2029 and $350 million of 5.869% senior notes due January 31, 2034.

Canadian stocks closed lower on Tuesday, weighed down by losses in materials and financials sectors.

The benchmark S&P/TSX Composite Index, which tumbled to 20,880.43 in early trades, ended the day’s session at 20,970.98, recording a loss of 103.93 points or 0.49%.

Asian stocks ended mostly lower on Wednesday as investors looked ahead to the release of U.S. inflation data as well as inflation and trade figures from China this week for additional clues on the economic outlook and the likelihood of early interest rate cuts.

European stocks are turning in a mixed performance in lackluster trade as investors await U.S. consumer price and producer price inflation data this week for additional clues on the Fed’s rate trajectory. Concerns about eurozone economic growth weigh as well.

In commodities, West Texas Intermediate Crude oil futures are up $0.36 or about 0.5% at $72.60 a barrel.

Gold futures are gaining $6.00 or 0.3% at $2,039.00 an ounce, while Silver futures are up $0.044 or 0.19% at $23.135 an ounce.

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