Bay Street Seen Opening On Positive Note
(RTTNews) - Canadian shares look headed for a positive start on Tuesday, tracking firm European stocks and higher bullion prices.
Investors await the upcoming Jackson Hole Symposium in Wyoming, where central bankers are meeting on Thursday. Federal Reserve Chairman Jerome Powell is scheduled to speak on Friday.
Optimism over U.S. technology major Nvidia's earnings updates, and bargain hunting are driving up stock prices in the European market. U.S. index futures are also notably higher at present.
The Canadian market ended marginally down on Monday after a somewhat lackluster session. The benchmark S&P/TSX Composite Index ended with a loss of 33.52 points or 0.17% at 19,784.87.
Asian markets ended on a positive note on Tuesday, rebounding from recent losses. Benchmarks in China and Hong Kong finished with decent gains, helped by the strength of the tech sector.
European stocks are up firmly in positive territory amid expectations of a good earnings update from U.S. technology major Nvidia, and preliminary reports on manufacturing activity in the month of August.
A drop in bond yields is contributing as well to the positive mood in the stock markets. Several stocks have moved higher on bargain hunting after recent sharp losses.
In commodities, West Texas Intermediate Crude oil futures are down $0.32 or 0.4% at 80.40 a barrel.
Gold futures are gaining $8.00 or 0.45% at $1,931.00 an ounce, while Silver futures are up $0.140 or 0.6% at $23.480 an ounce.
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