Bay Street Seen Opening Higher; U.S. Inflation Data, Fed Meeting In Focus
(RTTNews) - Canadian shares are likely to open on a positive note on Tuesday, tracking higher crude oil and bullion prices. Still, with the focus on U.S. inflation data and the Federal Reserve's monetary policy meeting, the mood is likely to be a bit cautious.
Data on U.S. consumer price inflation for the month of May is due at 8:30 AM ET.
The Fed is widely expected to pause its recent interest rate hikes. The central bank's accompanying statement, and the data on inflation, due this week, are eyed for clues about outlook for future interest rate hikes.
The People's Bank of China lowered a short-term lending rate for the first time in ten months.
The European Central Bank and the Bank of Japan are also scheduled to announce their monetary policies this week.
Enghouse Systems Limited (ENGH.TO) reported after trrading hours on Monday that it posted a net income of $12.5 million in the second quarter of its current financial year, compared to $17.9 million in the year-ago quarter.
The Canadian market ended modestly higher on Monday, led by gains in technology sector. The benchmark S&P/TSX Composite Index ended with a gain of 29.25 points or 0.15% at 19,921.31.
Asian stocks ended higher on Tuesday as China's central bank decided to lower its lending rate, and investors braced for central bank meetings in the United States, Europe and Japan.
European stocks have pared early gains and are currently flat. Stocks moved higher earlier in the session with investors reacting to strong economic data from Germany and China's surprise rate cut.
German consumer price inflation climbed 6.1% annually in May, slower than the 7.2% rise in April, Destatis reported. Further, this was the weakest inflation since March 2022, when prices had risen 5.9%.
Similarly, EU-harmonized inflation slowed to 6.3% from 7.6% in April, as estimated.
In commodities trading, West Texas Intermediate Crude oil futures are up $1.30 or 1.95% at $68.42 a barrel.
Gold futures are gaining $9.80 or 0.5% at $1,979.50 an ounce, while Silver futures are up $0.236 or 0.96% at $24.295 an ounce.
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