(fxcue news) - Canadian shares are likely to open on a mixed note Wednesday morning, tracking commodity prices. The focus will also be on some key earnings updates from major U.S. companies. Optimism about more interest rate cuts by central banks, including the Federal Reserve and the Bank of Canada may help underpin sentiment. Markets currently see a 95% chance of a 25-bps rate cut from the Fed next month, after an aggressive 50-bps cut in September. On the Canadian economic front, data on Canadian housing starts is due at 8:15 AM ET. Manufacturing sales data for the month of August, and new motor vehicle sales data for the month of August, are due at 8:30 AM ET. In corporate news, Lithium Americas Corp (LAC.TO) shares will be in focus after the company said that it will form a joint venture with General Motors Holdings to focus on advancing the Thacker Pass project in Nevada. Corus Entertainment (CJR.B.TO) announced late Tuesday that it is continuing to negotiate with RBC Capital Markets, TD Securities and other members of the bank group as the company seeks an amendment to its credit agreement so as to strengthen its balance sheet and manage liabilities. The Canadian market ended weak on Tuesday due to heavy selling in the energy sector as oil prices fell amid easing fears of a supply disruptions after reports said Israel will not strike Iranian oil and nuclear sites. Soft Canadian inflation data helped limit the market's downside. The benchmark S&P/TSX Composite Index ended down 32.09 points or 0.13% at 24,439.08. The index, which dropped to 24,357.87 recovered to 24,479.22 before paring gains. Asian stocks ended weak on Wednesday due to lingering Middle East tensions, shifting U.S. rate cut expectations and reports suggesting that the U.S. is mulling a cap on export licenses for AI chips to specific countries. Chipmaker shares led regional losses after Europe's biggest tech firm ASML, whose customers include TSMC, Samsung and SK Hynix, warned of weak semiconductor demand. European stocks are broadly lower with investors digesting a slew of disappointing earnings updates and awaiting the European Central Bank's policy meeting on Thursday for directional cues. Markets currently eye two more rate cuts from the euro area's central bank this year amid a weak growth outlook and lower inflation. In commodities, West Texas Intermediate crude oil futures are down $0.47 or 0.67% at $70.11 a barrel. Gold futures are gaining $16.90 or 0.63% at $2,695.80 an ounce, while Silver futures are up $0.314 or 0.99% at $32.070 an ounce.