Bay Street Seen Opening With Positive Bias On Firm Commodity Prices

RTTNews | vor 965 Tagen

(RTTNews) - Canadian shares are likely to open with a positive bias on Tuesday, tracking firm crude oil and bullion prices.

Concerns about global economic recession may weigh on sentiment and limit market's upside. The Bank of Japan's surprise policy shift that allows long-term interest rates to rise more is likely to weigh as well.

In company news, Lithium Americas Corp. (LAC.TO) announced a definitive arrangement with Arena Minerals Inc. (TSX.V.TO) to acquire Arena by way of a plan of arrangement in a deal worth $227 million.

Arena's shareholders will receive 0.0226 of a Lithium Americas common share for each Arena Share held, as per the arrangement.

On the economic front, final data on Canadian retail sales for the month of October is due at 8:30 AM ET. Retail sales in Canada likely jumped by 1.5% month-over-month in October of 2022, preliminary estimates showed. On a yearly basis, retail trade rose by 6.9% in September, easing from the 7% jump in the prior month.

Canadian stocks tumbled on Monday, extending recent losses, as fears of a global recession amid surging interest rates continued to weigh on sentiment.

With several central banks, including the Federal Reserve, raising interest rates and signaling further increases in the coming months, traders continued to refrain from creating fresh long positions.

The benchmark S&P/TSX Composite Index ended with a loss of 242.52 points or 1.25% at 19,200.76 after dropping to a low of 19,159.58 intraday.

Asian stocks tumbled on Tuesday and the yen surged against the dollar after the Bank of Japan said it would review its yield curve control policy and widened its target band for interest rates - a move that analysts said would allow long-term interest rates to rise more.

Hawkish comments on interest rates from former Federal Reserve official William Dudley also fueled worries about a worldwide recession.

European stocks are down marginally in early afternoon trades, recovering after a weak start. The BoJ's surprise policy shift that allows long-term interest rates to rise more rattled the markets early on in the session.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.86 or 1.14% at $76.05 a barrel.

Gold futures are gaining $13.00 or 0.72% at $1,810.70 an ounce, while Silver futures are up $0.651 or 2.81% at $23.850 an ounce.

Australian Market Trims Early Gains In Mid-market

The Australian stock market is trimming its early gains in mid-market trading on Tuesday, but extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,850 level to fresh all-time high, with gains in financial and energy stocks partially offset by weakness in mining and technology stocks.

RTTNews | vor 12 Minuten

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Tuesday, despite the broadly negative cues from Wall Street overnight, with the Australian and the Japanese markets hitting record all-time highs, as the U.S. and China agreed to extend their tariff truce for another 90 days. Optimism about the US Fed cutting interest rate at its next meeting is also aiding market sentiment.

RTTNews | vor 50 Minuten

Sensex, Nifty Set For Muted Open On Mixed Global Cues

Indian shares are seen opening flat to slightly lower on Tuesday after rising sharply in the previous session as the announcement of a meeting between Russian President Vladimir Putin and U.S. President Donald Trump has fueled expectations of a potential end to sanctions limiting supply of Russian oil to other markets.

RTTNews | vor 1Std 22 Minuten

Japanese Market Sharply Higher; Up 2%

The Japanese stock market is trading sharply higher on Tuesday, extending the gains in the previous five sessions, despite the broadly negative cues from Wall Street overnight, with the Nikkei 225 surging over 2 percent near the 42,700 level to record all-time highs, with gains across all sectors led by index heavyweights, technology and financial stocks.

RTTNews | vor 2Std 16 Minuten

Indonesia Stock Market May Be Stuck In Neutral On Tuesday

The Indonesia stock market has tracked higher in back-to-back sessions, improving more than 115 points or 15 percent along the way. The Jakarta Composite Index now sits just above the 7,600-point plateau although it's expected to open in the red on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | vor 2Std 24 Minuten

Renewed Consolidation Likely For Hong Kong Stock Market

The Hong Kong stock market moved higher again on Monday, one session after snapping the four-day winning streak in which it had rallied more than 570 points or 2.4 percent. The Hang Seng Index now rests just above the 24,900-point plateau although it may hand back those gains on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | vor 2Std 39 Minuten

Australian Market Modestly Higher

The Australian stock market is trading modestly higher on Tuesday after opening in the red, extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,850 level to fresh all-time high, with gains in financial and energy stocks and a mixed performance in mining and technology stocks.

RTTNews | vor 2Std 46 Minuten

China Stock Market May Hand Back Monday's Gains

The China stock market bounced higher again on Monday, one session after halting the four-day winning streak in which it had gathered almost 80 points or 2.4 percent. The Shanghai Composite Index now sits just beneath the 3,650-point plateau although it's likely to head south again on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | vor 2Std 54 Minuten

EURUSD	1.16199	GBPUSD	1.34323	AUDUSD	0.65198
USDJPY	148.416	USDCAD	1.37768	USDCHF	0.81127