Bay Street Likely To Open Flat Or Slightly Higher
(RTTNews) - The Canadian market is likely to open on a flat to slightly positive note Tuesday morning, amid easing trade concerns following the U.S. government extending its pause on higher tariffs for Chinese goods until November 10, averting an immediate escalation in the trade war.
The focus is on key U.S. inflation data due this morning. The report is crucial as the data might shape the Federal Reserve's interest-rate path.
The report may show a slight pickup in inflation as companies pass higher import taxes on a variety of items to consumers.
The Canadian market ended slightly up on Monday with optimism about a rate cut by the Federal Reserve in September aiding sentiment.
The benchmark S&P/TSX Composite Index swung back and forth across the unchanged line until noon before reaching an intraday high of 27,841.39 just past noon. The index finally settled at 27,775.23, up by 16.55 points or 0.06%.
Asian stocks turned in a mixed performance on Tuesday. The Japanese market outperformed on tariff and earnings optimism.
The major European markets are somewhat subdued with investors largely staying cautious, looking ahead to the inflation data from the U.S.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.05% or 0.08% at $64.01 a barrel.
Gold futures are down $6.50 or 0.19% at $3,398.20 an ounce, while Silver futures are gaining $0.023 or 0.06% at $37.810 an ounce.
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