Bay Street Seen Opening On Weak Note
(RTTNews) - Lower Canadian and U.S. futures, and weak cues from Asian and European markets point to a negative start on Bay Street Tuesday morning.
The focus will be on Fed Chair Jerome Powell's speech, due this morning, and the crucial U.S. inflation data, due later this week.
The Canadian market ended just modestly higher on Monday despite a steady start and a subsequent good move up north.
Optimism surrounding China's reopening, and expectations that the Federal Reserve will slow down the pace of interest rate hikes contributed to the positive spell early on in the session. But the mood turned cautious past mid afternoon following some slightly hawkish comments from a couple of Fed officials.
The benchmark S&P/TSX Composite Index ended with a gain of 42.56 points or 0.21% at 19,857.07, well off the day's high of 19,987.54.
Asian stocks ended on a mixed note Tuesday, with hawkish remarks from two Federal Reserve officials and fears of a coming recession weighing on markets.
European stocks are down in negative territory this afternoon, weighed down by comments from two Fed officials who said the central bank would likely raise interest rates to above 5% and hold them there for some time in order to keep inflation under control.
In commodities trading, West Texas Intermediate Crude oil futures for February are up $0.36 or nearly 0.5% at $74.99 a barrel.
Gold futures are down $1.30 or 0.07% at $1,876.50 an ounce, while Silver futures are down $0.266 or 1.11% at $23.605 an ounce.
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