Bay Street Looks Headed For Weak Start

(RTTNews) - Lower Canadian and U.S. futures and weak precious metals prices point to a negative start on Bay Street on Wednesday. Oil's recovery could weigh as well.

With the focus on geopolitical news and data on Canadian retail sales and some crucial U.S. economic indicators due tomorrow, the mood in the market is likely to remain cautious.

The Canadian market ended higher on Tuesday, gaining for a second straight session, supported by gains in healthcare, technology and materials sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 326.21 points or 0.91% at 36,335.61, off the day's high of 36,410.62.

Asian stocks closed mixed on Wednesday ahead of a high-stakes U.S.-China summit on Thursday, which could lead to new trade agreements amid escalating competition and restrictions on advanced technologies.

The major European markets are exhibiting a mixed trend this afternoon, having shed early gains. Stocks opened on a firm note thanks to another sharp drop in oil prices and strong PMI data from Germany and France. Oil's recovery from lower levels resulted in the market paring early gains.

In commodities trading, West Texas Intermediate crude oil futures are up $0.23 or 0.25% at $90.75 a barrel, recovering from a low of $88.71.

Gold futures are down $27.00 or 0.6% at $4,349.40 an ounce, falling for a sixth straight session as the dollar climbed higher on Fed rate hike bets. Silver futures are down $1.020 or 1.53% at $65.510 an ounce.