(fxcue news) - Canadian stocks are likely to open on a subdued note Wednesday. The focus will be on the Federal Reserve's monetary policy announcement, due later in the day. The Fed is widely expected to lower interest rates, but it is the size of reduction and the accompanying statement, which are in focus. In Canadian company news, Descartes Systems Group (DSG.TO) announced today that it has acquired Assure Assist, Inc., doing business as MyCarrierPortal (MCP), for a consideration of approximately US$24 million. Quarterhill Inc. (QTRH.TO) announced that it has been awarded two contracts worth US$5.8 million for the supply of advanced commercial vehicle enforcement technology for weigh stations operated by the North Carolina Department of Public Safety State Patrol. The Canadian market hit a new all-time high Tuesday morning but pared gains and dropped into negative territory by noon, and eventually ended on a negative note, snapping a four-day winning streak. Stocks turned subdued amid uncertainty about the size of interest-rate reduction by the Federal Reserve on Wednesday, and the likely move of the Bank of Canada at its next policy meeting, after U.S. retail sales data and Canadian inflation report. The benchmark S&P/TSX Composite Index, which hit a fresh high at 23,800.59, ended the day's session at 23,677.70 with a marginal loss of 24.37 points or 0.1%. Asian stocks ended broadly higher on Wednesday as investors waited for the U.S. Federal Reserve's first cut to interest rates in more than four years. There is a debate about the size of reduction after data showed U.S. retail sales unexpectedly ticked up in August in a sign of ongoing consumer resilience. Trading was closed in Hong Kong for a national holiday. South Korea's market was also closed for thanksgiving Chuseok holidays. European stocks are down in negative territory with investors reacting to eurozone and U.K. inflation data and awaiting the Federal Reserve's interest rate decision. Eurostat confirmed that the euro area annual inflation rate was 2.2 percent in August 2024, down from 2.6 percent in July. The U.K. headline consumer inflation gained 2.2 percent from a year ago in August, the same rate as seen in July, the Office for National Statistics reported. In commodities, West Texas Intermediate Crude oil futures are down $0.98 or 1.38% at $70.21 a barrel. Gold futures are gaining $11.30 or 0.44% at $2,603.70 an ounce, while Silver futures are down $0.014 or 0.05% at $30.965 an ounce.