Bay Street Seen Opening On Cautious Note

(RTTNews) - The Canadian market is likely to open on a cautious note Tuesday morning with investors awaiting the Bank of Canada's interest rate decision, and U.S. consumer price inflation data due on Wednesday.

The Canadian central bank is widely expected to cut interest rate by 50 basis points.

North West Company Inc (NWC.TO) reported net earnings of $36.4 million for the third quarter of fiscal 2024, down 4.3% compared to net earnings of $38.0 million in the year-ago quarter.

The Canadian market hit a new record high in early trades on Monday, but soon slipped and fell into negative territory and stayed weak right till the end of the session as investors stayed cautious, looking ahead to the Bank of Canada's policy announcement and a slew of crucial economic data from the U.S.

The benchmark S&P/TSX Composite Index, which posted a new high at 25,843.20 early on in the session, closed down 66.38 points or 0.26% at 25,625.42.

Asian stocks ended mixed on Tuesday after China's exports and imports both missed expectations in November, signaling growing trade challenges. China's exports grew at a slower pace and imports posted an unexpected decline in November, official data revealed today.

European stocks are weak, with miners leading losses on weak trade data from China. Investors are awaiting U.S. CPI data and the monetary policy meeting of the European Central Bank.

In commodities, West Texas Intermediate Crude oil futures are down $0.21 or 0.31% at $68.16 a barrel.

Gold futures are gaining $13.70 or 0.51% at $2,699.50 an ounce, while Silver futures are down $0.076 or 0.23% at $32.535 an ounce.