(RTTNews) - Canadian shares look headed for a positive start TWednesday morning as gold and silver stocks are likely to find support on higher metal prices. Optimism about an interest rate cut by the Federal Reserve in September is likely to contribute as well to the positive mood on Bay Street.
The Canadian market ended weak on Tuesday, pushed down by losses in energy stocks as oil prices fell for a third straight day amid concerns about the outlook for demand.
Shares from industrials, communications and technology sectors were among the other notable losers.
The benchmark S&P/TSX Composite Index, which stayed weak right through the day's session, ended with a loss of 83.63 points or 0.38% at 22,042.50.
Asian shares ended mixed on Wednesday, with Japanese markets reaching another record high, buoyed by a weaker yen and strong gains in technology shares as Nvidia supplier TSMC's sales surged past expectations on AI infrastructure demand.
The dollar recovered from a three-week low and Treasury yields rose slightly as investors eyed the second round of testimony by Federal Reserve Chair Jerome Powell.
European stocks are up in positive territory amid optimism about a rate cut by the Federal Reserve in September, even as investors await the second round of testimony by Jerome Powell, and crucial U.S. inflation readings.
In commodities, West Texas Intermediate Crude oil futures are down $0.25 or 0.31% at $81.16 a barrel.
Gold futures are gaining $12.50 or 0.52% at $2,380.40 an ounce, while Silver futures are up $0.159 or 0.51% at $31.215 an ounce.
