Bay Street Likely To Open Weak

(RTTNews) - The Canadian market is likely to open on a negative note on Tuesday, tracking weak crude oil and bullion prices, and on concerns about growth following weak economic data from China.

Worries about interest rates have eased a bit after last week's mixed data from the U.S., but growth worries are likely to weigh on the market.

The Canadian market ended sharply higher on Friday with the benchmark S&P/TSX Composite Index surging 252.74 points or 1.2% to 20,545.36, to end the session at its best closing level in a month.

The rally on Bay Street came after the U.S. Labor Department's closely watched monthly employment report showed modestly stronger than expected job growth in the month of August, but an unexpected increase in the unemployment rate.

The unexpected increase in the unemployment rate added to investor optimism about the Federal Reserve leaving interest rates unchanged later this month.

Asian stocks fell on Tuesday as weak Chinese services data revived concerns about growth and spurred risk aversion. China's service sector grew at the slowest pace in eight months in August largely due to weaker new business.

The Caixin services Purchasing Managers' Index slipped more-than-expected to 51.8 from 54.1 in July. The expected score was 53.6.

European stocks are recovering after a weak start and turning in a mixed performance around early afternoon.

Concerns about growth following weak data from China, and the Eurozone weigh on sentiment.

In commodities, West Texas Intermediate Crude oil futures are down $0.23 or 0.27% at $85.32 a barrel.

Gold futures are down $10.10 or 0.51% at $1,957.00 an ounce, while Silver futures are lower by $0.592 or 2.41% at $23.970 an ounce.