Bay Street Likely To Open On Mixed Note; Canadian Inflation Data In Focus

RTTNews | 5h 34min ago

(RTTNews) - Canadian shares may open on a mixed note Tuesday morning, with the focus on upcoming interest rate decision from the Bank of Canada and the Federal Reserve. Materials stocks are likely to move up on higher metal prices.

The Bank of Canada is widely expected to lower interest rate by 25 basis points on Wednesday. The Federal Reserve, which is also scheduled to announce its policy tomorrow, is expected to cut rate by 25 basis points.

Canadian inflation data is likely to make a significant impact on the mood this morning.

Data on Canadian inflation is due at 8:30 AM ET.

The annual inflation rate in Canada eased to 1.7% in July, from 1.9% in June, staying beneath the BoC's 2% mid-point for a fourth consecutive month. On a monthly basis, the CPI rose by 0.3% in July, after a 0.1% increase in June and matching market estimates. source: Statistics Canada

Enerflex Ltd. (EFX.TO) announced today that it has appointed Paul Mahoney as President and Chief Executive Officer, effective September 29. The appointment follows a global search process, which included internal and external candidates and was supported by an executive search firm.

Mahoney will take over from interim CEO Preet Dhindsa, who will return to the role as Senior Vice President and CFO.

Canadian stocks moved modestly higher on Monday as investors took to a "wait-and-see" approach as they awaited key meetings of the central banks both in the US and Canada on rate cut plans.

The benchmark S&P/TSX Composite Index ended with a gain of 147.20 points or 0.5% at 29,431.02.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.13 or 0.21% at $63.17 a barrel.

Gold futures are gaining $17.50 or 0.47% at $3,736.50 an ounce, while Silver futures are up $0.228 or 0.53% at $43.190 an ounce.

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