Bay Street Likely To Open On Cautious Note
(RTTNews) - The Canadian market is likely to open on a cautious note on Tuesday with investors reacting to Canadian inflation data, and U.S. industrial production and retail sales reports.
Worries about the turmoil in the Middle East may weigh on the market.
Data on Canadian inflation for the month of September is due at 8:30 AM ET.
The annual inflation in Canada rose to 4% in August from 3.3% in the previous month. Annual core inflation ticked up to 3.3% in August from a 2-year low of 3.2% in July and June.
Housing starts data for September is due at 8:15 AM ET, and data on new motor vehicles sales for the month of September is due at 8:30 AM ET.
The Canadian market ended on a firm note on Monday, led by gains in technology and financials sectors.
Despite concerns about the ongoing war in the Middle East, the mood remained a bit positive with investors looking ahead to key earnings updates from some top U.S. companies.
The benchmark S&P/TSX Composite Index ended with a gain of 157.94 points or 0.81% at 19,620.80.
Asian stocks recovered some recent losses on Tuesday, with Japan and South Korea leading regional gains amid intense U.S. diplomacy aimed to prevent Israel's war with Hamas spreading.
European stocks are edging lower after having recovered from a flat start. Worries about the turmoil, and inflation and interest rate concerns weigh on the markets.
In commodities, West Texas Intermediate Crude oil futures are up $0.27 or 0.3% at $86.93 a barrel.
Gold futures are up $2.30 or 0.12% at $1,936.60 an ounce, while Silver futures are gaining $0.075 or 0.33% at $22.840 an ounce.
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