Bay Street Likely To Open On Mixed Note
(RTTNews) - Canadian shares are likely to open on a mixed note on Tuesday with investors looking for directional clues.
With a slew of crucial U.S. and Canadian economic data due this week, and the Bank of Canada's monetary policy announcement due on Wednesday, the mood is likely to remain cautious.
The Canadian central bank is widely expected to leave interest rate unchanged.
The Canadian market ended on a weak note on Monday, hurt by losses in energy and materials shares as a stronger dollar weighed on commodity prices.
The benchmark S&P/TSX Composite Index ended with a loss of 42.66 points or 0.21% at 20,410.21. The index touched a low of 20,341.36 and a high of 20,473.19 intraday.
Asian markets ended broadly lower on Tuesday, tracking the weak closing on Wall Street on Monday amidst anxiety about how the U.S. labor market update could sway the Fed's interest rate trajectory.
The mood remained cautious ahead of China's trade data update due on Wednesday as well as the inflation update due on Friday. News of Moody's cutting the Chinese sovereign bonds rating also dampened sentiment.
The major European markets are turning in a mixed performance, with investors digesting the latest batch of economic data from the region, and looking ahead to U.S. jobs data, due later in the week.
In commodities, West Texas Intermediate Crude oil futures are up $0.08 or 0.1% at $73.12 a barrel.
Gold futures are up slightly at $2,042.40 an ounce, while Silver futures are down $0.252 or 1.01% at $24.655 an ounce.
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