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

(RTTNews) - Canadian and U.S. futures are pointing to a subdued start for the Canadian market Tuesday morning. However, Canadian inflation data, due in a while, is likely to significantly impact the mood.

Data on Canadian inflation for the month of August is due at 8:30 AM ET.

Canada's annual inflation rate rose to 3.3% in July from 2.8% in the previous month. On a monthly basis, the CPI rose 0.6% in July, following a 0.1% gain in June.

Canadian annual core inflation, which excludes food and energy costs, stayed at a 2-year low of 3.2% for the second month in July 2023. Month-on-month, core inflation increased to 0.5% in July from -0.1% in June.

While the Fed is scheduled to announce its policy on Wednesday, the Bank of England and Bank of Japan will make their policy announcements on Thursday.

Canadian stocks ended weak after turning in a lackluster performance, with investors largely staying cautious ahead the Federal Reserve's monetary policy announcement due later in the week.

The benchmark S&P/TSX Composite Index ended down 129.51 points or 0.63% at 20,492.83.

Asian stocks ended weak on Tuesday with investors awaiting a slew of central bank decisions. The Federal Reserve, Bank of England, Bank of Japan as well as the People's Bank of China would review interest rates over the course of the week.

European stocks are turning in a mixed performance with investors digesting eurozone inflation data, and looking ahead to UK inflation report, and monetary policy announcements from the Federal Reserve, the Bank of England and the Bank of Japan.

In commodities, West Texas Intermediate Crude oil futures are up $0.82 or 0.9% at $92.30 a barrel.

Gold futures are gaining $3.00 or 0.15% at $1,956.40 an ounce, while Silver futures are up $0.117 or 0.5% at $23.615 an ounce.