Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note on Wednesday, tracking positive cues from European markets, and reacting to reports about U.S. President Donald Trump's plans to discuss a potential tariff on goods imported to the U.S. by China via Mexico and Canada.

Speaking to reporters at the White House, Trump reiterated his administration's plans to discuss a potential 10% tariff on goods imported from China starting February 1 to curb the flow of deadly drug fentanyl that is being sent from China to the U.S. via Mexico and Canada.

AGF Management Limited (AGF.B.TO) reported adjusted net income $29.8 million ($0.45 adjusted diluted EPS) and $111.6 million ($1.67 adjusted diluted EPS) for the three months and year ended November 30, 2024, compared to $18.5 million ($0.28 adjusted diluted EPS) and $90.3 million ($1.34 adjusted diluted EPS) for the comparative prior year period.

Westport Fuel Systems Inc. (WPRT.TO) announced that its joint venture Cespira appointed Carlos Gonzalez as President and Chief Executive Officer, with effect from April 1. Gonzalez takes over from Dan Sceli, who served as CEO of Westport on an interim basis since the joint venture's completion in June 2024. Westport Fuel shares soared nearly 12% on the Nasdaq on Wednesday.

MTY Food Group MTY on Wednesday raised its quarterly dividend 18% to $0.33 from $0.28 per share. The new dividend will be paid on Feb. 14.

Data on Canadian industrial product prices and raw materials prices for the month of December are due at 8:30 AM ET.

The Canadian market closed moderately higher on Tuesday, led by gains in technology, financials and consumer discretionary sectors, extending it winning streak to a sixth session.

Investors digested Canadian inflation data, and assessed the likely impact of the policies of Donald Trump, who took office as the President of the United States on Monday. Trump, who signed a slew of executive orders after taking charge, signaled imposition of tariffs on imports from Canada and Mexico, but refrained from enacting a policy.

The benchmark S&P/TSX Composite Index ended the session with a gain of 110.05 points or 0.44% at 25,281.63.

Asian stocks ended mixed on Wednesday, with Chinese and Hong Kong markets falling sharply after U.S. President Donald Trump threatened tariffs on the EU and China to address trade imbalances and combat fentanyl trafficking.

Despite tariff threats from Trump, European stocks are up in positive territory with investors reacting to some strong earnings updates.

"Europe will respond to any tariffs imposed by President Donald Trump in a proportionate way," European Union's commissioner for the economy told CNBC, after Trump repeated his threat to impose tariffs on EU goods entering the U.S.

In commodities, West Texas Intermediate Crude oil futures are down marginally at $75.77 a barrel.

Gold futures are gaining $9.00 or 0.33% at $2,768.20 an ounce, while Silver futures are down $0.086 or 0.27% at $31.410 an ounce.