Bay Street Seen Opening On Cautious Note

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(RTTNews) - The Canadian market is likely to open on a cautious note on Tuesday, tracking weak European stocks and lower crude oil prices.

The focus is on U.S. inflation data, due later in the week. The reports on U.S. consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could have a significant impact on the outlook for interest rates.

Fed Chair Jerome Powell said following last week's rate hike that the central bank would take a "data-dependent approach" to future monetary policy decisions.

Weak trade data from China is also likely to weigh on sentiment.

In earnings news, George Weston Limited (WN.TO) reported adjusted net earnings of $282 million for the first quarter of 2023, flat compared to the same period in 2022.

Keyera Corporation (KEY.TO) reported first-quarter net earnings of $138 million, compared with $114 million in the year-ago quarter.

SNC-Lavalin Group (SNC.TO) reported first-quarter net ncome of 28.4 million, or $0.16 per share, compared to $24.8 million, or $0.14 per share in the first quarter of 2022.

The Canadian market ended modestly higher on Monday, led by gains in technology and consumer directory sectors. The mood was cautious as investors awaited more data for directional clues.

The benchmark S&P/TSX Composite Index ended with a gain of 43.12 points or 0.21% at 20,585.15 after moving in a tight range between 20,544.15 and 20,627.77.

Asian stocks ended mostly lower today on disappointing trade data from China. Also, investors were wary of making significant moves ahead of key U.S. inflation numbers.

European are down firmly in negative territory as investors await key inflation data from the U.S. for clues about the Federal Reserve's likely stance on policy tightening.

In commodities, West Texas Intermediate Crude oil futures are down $0.77 or 1.07 percent at $72.39 a barrel.

Gold futures are gaining $6.20 or 0.32% at $2,039.40 an ounce, while Silver futures are down $0.074 or 0.29% at $25.760 an ounce.

U.S. Business Inventories Rise In Line With Estimates In June

A report released by the Commerce Department on Friday showed business inventories in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said business inventories rose by 0.2 percent in June after coming in unchanged in May. The uptick matched expectations.

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New York Manufacturing Index Unexpectedly Climbs To Nine-Month High In August

The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August. The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.

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U.S. Consumer Sentiment Index Unexpectedly Decreases In August

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday.

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U.S. Import Price Growth Exceeds Estimates In July

The Labor Department released a report on Friday showing import prices in the U.S. increased by more than expected in the month of July. The report said import prices climbed by 0.4 percent in July after a downwardly revised 0.1 percent dip in June. Economists had expected import prices to inch up by 0.1 percent, matching the 0.1 percent uptick originally reported for the previous month.

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U.S. Retail Sales Climb 0.5% In July, In Line With Estimates

A report released by the Commerce Department on Friday showed retail sales in the U.S. increased in line with economist estimates in the month of July. The Commerce Department said retail sales climbed by 0.5 percent in July after jumping by an upwardly revised 0.9 percent in June.

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U.S. Industrial Production Edges Slightly Lower In July

A report released by the Federal Reserve on Friday showed a modest decrease by U.S. industrial production in the month of July.

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EURUSD	1.17023	GBPUSD	1.35572	AUDUSD	0.65111
USDJPY	147.207	USDCAD	1.38118	USDCHF	0.8063