Bay Street Likely To Open On Weak Note

(RTTNews) - Higher oil and global bond yields suggest a negative start for Canadian stocks on Wednesday. The mood is likely to remain cautious amid a lack of fresh data and activity is most likely to be stock specific.

In corporate news, Intact Financial Corp. (IFC.TO) issued an update on Tuesday regarding catastrophe events in the third quarter of 2026. The company estimates total catastrophe losses for the third quarter of around C$660 million on a pre-tax basis and net of reinsurance, or C$2.76 per share after-tax.

Ballard Power Systems Inc. (BLDP) announced that it has secured an order for 24 x FCrail 200 kW fuel cell modules from Siemens Mobility GmbH, the rail automation and electrification division of German engineering and technology major Siemens AG.

Canadian stocks moved mostly higher during trading on Tuesday, extending the modest rebound seen over the course of the previous session.

The S&P/TSX Composite Index climbed 130.96 points or 0.4% to 35,649.51, climbing further off its lowest levels in over two months.

The strength on Bay Street may partly have reflected a pullback by U.S. treasury yields, which gave back ground after surging to multi-decade highs.

Asian stocks ended broadly lower in cautious trade on Wednesday as oil prices climbed and yields rebounded on fears Iran is stepping up attacks on tankers in the Strait of Hormuz.

The major European markets are notably lower this afternoon as higher crude oil prices and bond yields hurt sentiment. Oil prices climbed higher on Middle East tensions, while bond yields moved up amid France's fiscal woes.

West Texas Intermediate crude oil futures are up $0.41 or 0.43% at $89.95 a barrel.

Gold futures are down $38.30 or 0.91% at $4,148.80 an ounce, while Silver futures are down $1.064 or 1.73% at $60.525 an ounce.