Bay Street Likely To See Another Weak Start

(RTTNews) - Canadian shares are likely to open on a weak note on Tuesday, tracking lower crude oil prices and weakness in European markets amid rising worries about growth and a surge in coronavirus cases in China.

Investors are likely to stay cautious ahead of the Bank of Canada's interest rate decision, and the release of U.S. consumer inflation data, due on Wednesday.

The Canadian market ended notably lower on Monday, weighed down by losses in stocks from across several sectors, as the mood remained bearish amid concerns about growth, interest rate hikes, and fresh curbs in Shanghai following a surge in new Coronavirus cases.

The benchmark S&P/TSX Composite Index ended with a loss of 206.06 points or 1.08% at 18,816.80.

Asian stocks fell on Tuesday as an energy crisis loomed over the euro zone economy and a fresh COVID-19 outbreak in China added to worries about a global economic slowdown.

Chinese shares fell sharply as rising case counts in several regions fueled talks of another round of painful lockdowns, especially in Shanghai or Beijing.

European stocks are down in negative territory, weighed down by concerns talks of another round of stringent lockdowns in China, especially in Shanghai or Beigjing, due to rising COVID case counts in several regions.

Worries about a worsening energy crisis in Europe, and disappointing economic data from the region are contributing as well to the weakness in the markets.

In commodities trading, West Texas Intermediate Crude oil futures are down $4.65 or 4.47% at $99.44 a barrel.

Gold futures are gaining $1.70 or 0.1% at $1,733.40 an ounce, while Silver futures are down $0.352 or 1.81% at $18.780 an ounce.