(fxcue news) - Canadian shares are likely to open slightly higher on Wednesday. The mood is likely to remain cautious as market awaits the Federal Reserve's monetary policy announcement later in the day. The Fed is widely expected to hold rates. The bank's accompanying statement is in focus for views about growth and future policy moves. Rising tensions in the Middle East, and worries about growth due to Trump's tariffs are likely to weigh on sentiment. Israeli airstrikes on Gaza killed over 400, reigniting a conflict that has claimed 48500 Palestinian lives. Adding to the unease, Russian President Vladimir Putin rejected an immediate and full ceasefire in Ukraine, agreeing only to halt attacks on energy infrastructure for 30 days. Boyd Group Services (BYD.TO) reported net earnings of US$ 2.4 million of US$ 0.11 per share for the three months ended December 31, 2024, compared with US $19.1 million or US $0.89 per share a year earlier. B2Gold Corp (BTO.TO) announced on Tuesday that the Phase 2 expansion of the Fekola Solar Plant is complete and operational, two years after construction began. The expansion of the Fekola Solar Plant included the construction of an additional 46,200 solar panels, increasing the total panel count to 142,912, the company said. The Canadian market ended modestly lower on Tuesday as hot inflation data, and growth worries due to Trump's tariffs weighed on sentiment. Also, investors stayed cautious ahead of the Federal Reserve's monetary policy announcement, due on Wednesday. A bigger than expected rise in inflation has raised concerns that the Bank of Canada will go slow on monetary easing. The benchmark S&P/TSX Composite Index closed down 79.04 points or 0.32% at 24,706.07, recovering well from a low of 24,572.33. Asian stocks ended mixed as Middle East tensions escalated, and investors awaited the Federal Reserve's projections for economic growth and inflation against the backdrop of U.S. President Donald Trump's aggressive stance on tariffs. European stocks are turning in a mixed performance with investors looking ahead to the Federal Reserve's policy announcement due later in the day, and the Bank of England's rate decision on Thursday. Geopolitical concerns and concerns about growth due to Trump's tariffs are weighing on sentiment. In commodities, West Texas Intermediate Crude oil futures are down marginally at $68.86 a barrel. Gold futures are gaining $6.10 or 0.2% at $3,046.90 an ounce, while Silver futures are down $0.188 or 0.55% at $34.630 an ounce.