Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note on Tuesday, tracking higher crude oil prices and weak European stocks.

The mood is likely to remain cautious with investors looking ahead to Fed Chair Jerome Powell's comments on inflation and the rate outlook at the upcoming annual Jackson Hole economic symposium later this week.

Bank of Nova Scotia (BNS.TO) reported third-quarter net income of C$2.61 billion ($2 billion), or C$2.10, compared with C$2.56 billion, or C$2.01, a year earlier. Analysts had expected C$2.11 a share, according to Refinitiv data.

The Canadian market ended notably lower on Monday, weighed down by losses in healthcare, technology, consumer discretionary and financials sectors.

Worries about aggressive monetary tightening by the Federal Reserve and other central banks, and rising fears about a recession weighed on stocks.

The benchmark S&P/TSX Composite Index ended with a loss of 136.46 points or 0.68% at 19,974.92, which was the day's high.

Asian stocks closed mostly lower on Tuesday to extend recent losses as investors waited for Fed Chair Jerome Powell's comments on inflation and the rate outlook at the upcoming annual Jackson Hole economic symposium. Surging natural gas prices in Europe also added to the angst over global growth.

European stocks are broadly lower in cautious trade with the deepening energy crisis in the region fueling recession fears. Investors are also digesting data from Germany and the U.K.

In commodities trading, West Texas Intermediate Crude oil futures for September are up $1.46 or about 1.6% at $91.82 a barrel.

Gold futures are up $2.50 or 0.14% at $1,750.90 an ounce, while Silver futures are down $0.013 or 0.07% at $18.865 an ounce.