Bay Street Likely To Open On Negative Note
(RTTNews) - Canadian shares are likely to open weak on Tuesday, tracking lower crude oil and bullion prices. The mood is likely to remain cautious with investors looking ahead to the Bank of Canada's interest rate decision on Wednesday.
The Bank of Canada is widely expected to announce another sharp interest rate hike tomorrow. The central bank raised the target for its overnight rate by 75bps to 3.25% in September 2022. The fifth consecutive rate hike by the bank pushed borrowing costs to the highest since 2008.
Canadian stocks fluctuated over the course of the trading session on Monday but managed to end the day modestly higher. The benchmark S&P/TSX Composite Index bounced back and forth across the unchanged line before closing up 57.45 points or 0.3% at 18,918.40.
Asian stocks turned in a mixed performance on Tuesday as concerns over China's growth prospects and a new political order in the country offset hopes of a Fed pivot.
European stocks are turning in a mixed performance with investors digesting a slew of earnings updates and looking ahead to the policy meetings by the European Central Bank and Federal Reserve for directional clues.
In commodities trading, West Texas Intermediate Crude oil futures are down $1.29 or 1.41% at $83.39 a barrel.
Gold futures are down $6.70 or 0.41% at $1,647.40 an ounce, while Silver futures are lower by $0.329 or 1.71% at $18.860 an ounce.
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