Bay Street Likely To Open Higher
(RTTNews) - Higher crude oil and bullion prices point to a positive start for the Canadian market Tuesday morning.
Data from Markit Economics on Canadian manufacturing activity for the month of June is due at 9:30 AM ET.
The S&P Global Canada Manufacturing PMI fell to 49 in May, contracting after coming in with a reading of 50.2 in April.
The Canadian market ended on a buoyant note on Friday, extending gains to the fifth consecutive session, as stocks rallied on all-round buying.
Positive cues from European and the U.S. markets, and easing worries about further tightening by the Bank of Canada following recent soft inflation data helped underpin sentiment.
The benchmark S&P/TSX Composite Index ended with a gain of 242.12 points or 1.22% at 20,155.29. The market remained closed on Monday for Canada Day.
Asian stocks ended mixed on Tuesday, weighed down by concerns about growth after the latest business surveys showed global factory activity slumped in June amid rising interest rates.
European stocks are turning in a mixed performance in lackluster trade with investors assessing the likely impact of higher interest rates on growth, and looking ahead to quarterly earnings announcements.
In commodities, West Texas Intermediate Crude oil futures are up $1.00 or 1.43% at $70.79 a barrel, supported by reports saying Saudi Arabia will extend its voluntary oil production cuts through August.
Gold futures are gaining $7.20 or 0.37% at $1,936.70 an ounce, while Silver futures are up $0.118 or 0.51% at $23.230 an ounce.
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