Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Tuesday morning, tracking the trend in the commodities markets. With rate decisions from Bank of Canada and the Federal Reserve due on Wednesday, the mood is likely to remain cautious for much of the day's session.

The Federal Reserve's two-day monetary policy meeting gets underway today. The Fed is widely expected to lower interest rate by 25 basis points on Wednesday.

The Bank of Canada is also scheduled to announce its interest rate decision on Wednesday.

The accompanying statements from the two central banks are eyed for clues about future moves with regard to rates.

In Canadian company news, Vermilion Energy Inc. (VET.TO) announced after trading hours on Monday that that it sold 30 million common shares of Coelacanth Energy Inc. at a price of $0.76 per common share for a purchase price of $22.80 million, representing an amount equal to more than 2% of the issued and outstanding common shares.

The Canadian market closed weak on Monday after a cautious session as investors awaited crucial monetary policy meetings by both the central banks in Canada and the U.S.

The benchmark S&P/TSX Composite Index trade weak almost right through the day's session and settled with a loss of 141.44 points or 0.45% at 31,169.97.

Asian stocks closed broadly lower on Tuesday ahead of Fed's rate decision on Wednesday.

European stocks are turning in a mixed performance today with investors making cautious moves ahead of the U.S. Central Bank's monetary policy announcement.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.11 or 0.19% at $58.99 a barrel.

Gold futures are gaining $15.20 or 0.37% at $4,232.90 an ounce, while Silver futures are up $0.885 or 1.52% at $59.290 an ounce.