Bay Street May Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note on Tuesday, tracking European markets and commodity prices. The mood is likely to be cautious with investors awaiting the Bank of Canada's policy announcement on Wednesday.

The European Central Bank's monetary policy announcement is due on Thursday. Data on US GDP, personal consumption expenditure, jobless claims, and personal income & expenditure are among the major economic reports due this week.

CNOOC Limited (CNU.TO) reported Tuesday its net production in the third quarter reached 167.8 million barrels of oil equivalent or BOE, representing a growth of 7% from last year. Nine month net production was 499.7 million BOE, an increase of 8.3% from the previous year.

Canadian National Railway Company (CN.TO) announced after trading hours on Monday that it has renewed and expanded a 5-year transportation agreement with AltaGas.

CGI Inc (GIB.A.TO) has announced that its U.S. operating subsidiary has secured a $69.9 million extension to its contract to support U.S. consular services with AI and other tools.

On the economic front, a reading on Canada's new housing price index is due at 8:30 AM ET. New home prices in Canada edged up by 0.1% m-o-m in August 2023, following a 0.1% decline in July. Year-on-year, the cost of new homes fell by 0.9% in August, the fifth consecutive drop since November 2019.

The Canadian market ended on a negative note for a fourth straight session as stocks fell on Monday as weak commodity prices triggered sustained selling in energy and materials shares.

The benchmark S&P/TSX Composite Index ended with a loss of 68.90 points or 0.36% at 19,046.74.

Asian stocks ended mostly higher on Tuesday as bond yields eased and reports emerged that the U.S. is pressing Israel to delay its ground offensive in the Gaza Strip to allow time for the release of hostages and shipments of aid into Gaza.

European stocks are turning in a mixed performance today with investors digesting earnings updates and the latest batch of economic data from the region, and looking ahead to the European Central Bank's policy announcement on Thursday.

In commodities, West Texas Intermediate Crude oil futures for November are up $0.20 or 0.23% at $85.69 a barrel.

Gold futures are down $15.50 or 0.8% at $1,972.30 an ounce, while Silver futures are lower by $0.280 or 1.21% at $22.930 an ounce.