Bay Street Likely To Open On Firm Note

(RTTNews) - Canadian shares look headed for a positive start Wednesday morning thanks to strong quarterly earnings updates from Royal Bank of Canada and National Bank of Canada, and firm European stocks.

Royal Bank of Canada (RY.TO) reported net income of $16.2 billion for the year ended October 31, 2024, up $1.6 billion or 11% from the prior year.

National Bank of Canada (NA.TO) reported adjusted profit of C$928 million ($659.93 million), or C$2.58 per share, for the three months ended Oct. 31, from C$850 million, or C$2.39 per share, a year earlier.

Dollarama Inc (DOL.TO) announced that its net earnings increased by 5.6% to $275.8 million in the third quarter of fiscal 2025, compared to $261.1 million in the third quarter of fiscal 2024, reflecting an increase in diluted net earnings per common share of 6.5% to $0.98 per diluted common share, in the third quarter of fiscal 2025.

On the economic front, data on Canadian manufacturing and services sector activity for the month of November is due at 9:30 AM ET.

The Labor Productivity data for the third-quarter is due at 8:30 AM ET.

The Canadian market closed modestly higher on Tuesday, supported by gains in materials, healthcare and consumer staples sectors.

The benchmark S&P/TSX Composite Index, which climbed more than 100 points to 25,693.68 at the start but dropped to 25,578.72 soon thereafter, ended the day's session at 25,635.73 with a gain of 45.40 points or 0.18%.

Asian stocks closed broadly lower on Wednesday as South Korea plunged into political chaos and data showed China's services activity expansion eased in November. Geopolitical tension also remained on investors' radar after Israel threatened to attack the Lebanese state if its truce with Hezbollah fails.

European stocks are mostly up in positive territory after Eurozone November final services PMI was confirmed at 49.5 versus 49.2 preliminary. A report from the Organization for Economic Co-operation and Development (OECD) pojecting global GDP growth of 3.3% in 2025, up from 3.2% in 2024, and 3.3% in 2026, is aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are up $0.07 or 0.1% at $70.01 a barrel.

Gold futures are down slightly at $2,667.20 an ounce, while Silver futures are lower by $0.137 or 0.44% at $31.355 an ounce.

LIKE.TG：汇集全球营销软件&服务，助力出海企业营销增长。提供最新的“私域营销获客”“跨境电商”“全球客服”“金融支持”“web3”等一手资讯新闻。

点击【联系客服】 🎁 免费领 1G 住宅代理IP/proxy， 即刻体验 WhatsApp、LINE、Telegram、Twitter、ZALO、Instagram、signal等获客系统，社媒账号购买 & 粉丝引流自助服务或关注【LIKE.TG出海指南频道】、【LIKE.TG生态链-全球资源互联社区】连接全球出海营销资源。