Bay Street Likely To Open On Cautious Note

RTTNews | 244 hari yang lalu

(RTTNews) - The Canadian market is likely to open on a cautious note Tuesday morning, but some buying is likely in energy and materials sectors thanks to firm commodity prices.

Worries about trade tensions and the stand-off between U.S. President and the Fed Chair might hurt sentiment and limit market's upside.

Canadian producer and raw materials prices data for the month of March may make an impact on market's mood.

After moving higher over the past several sessions, Canadian stocks pulled back sharply as trading resumed following the long Easter weekend on Monday.

The benchmark S&P/TSX Composite Index regained some ground going into the close but still ended the day down 183.95 points or 0.8 percent at 24,008.86.

The weakness on Bay Street came amid lingering concerns about a global trade war as traders await signs of progress from President Donald Trump's trade talks.

Potentially adding to the worries, China has threatened to retaliate against any countries that reach a trade deal with the U.S. at the expense of China's interests.

A spokesman for China's Ministry of Commerce was asked to respond to reports the Trump administration is preparing to put pressure on other countries to restrict trade with China in exchange for U.S. tariff exemptions.

Asian stocks ended mixed on Tuesday after tariff-related worries and fears over the independence of the U.S. Federal Reserve sparked a sell-off in U.S. equities overnight.

In a post on Truth Social, Trump claimed without evidence that "pre-emptive cuts" were being called for "by many" now that the economy was facing what he described as "virtually No Inflation."

Mainland Chinese and Hong Kong markets outperformed despite escalating U.S.-China trade tensions.

European stocks are mostly lower on Tuesday amid fears of a recession in the world's largest economy due to trade tensions and the stand-off between the U.S. President and Federal Reserve Chairman.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.85 or 1.33% at $63.93 a barrel.

Gold futures are gaining $43.00 or 1.23% at $3,468.30 an ounce, while Silver futures are up $0.159 or 0.49% at $32.680 an ounce.

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Asian Markets Trade Mostly Higher

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Canadian Dollar Rises Against U.S. Dollar

The Canadian dollar advanced against the U.S. dollar in the New York session on Monday.

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EURUSD	1.17772	GBPUSD	1.34938	AUDUSD	0.66759
USDJPY	155.974	USDCAD	1.37355	USDCHF	0.79057