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Bay Street Seen Opening On Cautious Note
(RTTNews) - Canadian shares are likely to open on a cautious note with a slightly positive bias on Tuesday.
Activity is likely to be largely stock specific with investors reacting to recent quarterly earnings updates.
On the economic front, data on Canada's wholesale sales and manufacturing sales, both for the month of September, are due at 8:30 AM ET.
The Canadian market ended notably lower on Monday, weighed down by sharp losses in healthcare, technology, energy and utilities sections.
The benchmark S&P/TSX Composite Index ended lower by 189.70 points or 0.94% at 19,921.81, the day's low. The index stayed in negative territory right through the day's session.
Asian stocks ended mixed on Tuesday after Wall Street's main indexes ended lower overnight and China data disappointed.
China's relaxation of its COID-related quarantine measures and cautious optimism over the outcome of a face-to-face meeting between U.S. President Biden and his Chinese counterpart helped cap regional losses to some extent.
European shares are swinging between gains and losses in cautious trade as investors continue to assess the likely policy move by the Federal Reserve at its upcoming meetings.
In commodities trading, West Texas Intermediate Crude oil futures for December are down $0.65% or 0.76% at $85.21 a barrel.
Gold futures are up $1.90 or 0.11% at $1,778.80 an ounce, while Silver futures are down $0.083 or 0.38% at $22.030 an ounce.
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