Falling Commodity Prices Likely To Weigh On Canadian Market At Open

(RTTNews) - Canadian market is likely to open on a negative note Tuesday morning, weighed down by falling crude oil and gold prices.

The mood is likely to remain cautious ahead of the monetary policy announcements from the Bank of Canada and the Federal Reserve on Wednesday. Both the central banks are expected to lower interest rates by 25 basis points.

In Canadian earnings news, Celestica Inc. (CLS.TO) reported third-quarter revenue of $3.19 billion, up 28% compared to $2.50 billion in the corresponding quarter last year.

Centerra Gold, Advantage Oil & Gas and Trican Wll Services are slated to announce their earnings today.

Bay Street settled on a weak note on Monday despite staging a strong recovery from the day's lows. A sell-off in gold stocks weighed on the market.

The benchmark S&P/TSX Composite Index, which tumbled to 30,087.48, settled at 30,275.76, down 77.31 points or 0.3% from previous close.

Asian stocks ended weak after a cautious session on Tuesday as investors locked in some profits after recent gains.

Amid global trade tensions, the Association of Southeast Asian Nations (ASEAN) and China today signed an upgraded version of their Free Trade Agreement (FTA) during a summit in Kuala Lumpur, Malaysia.

Ahead of talks between Donald Trump and Xi Jinping, Chinese Premier Li Qiang denounced "unilateralism" and said the world should not return to "the law of the jungle." Trump said en route to Japan that he was hopeful of a deal when he sees Xi on Thursday.

European stocks are turning in a mixed performance today with investors mostly reacting to corporate earnings, and awaiting the monetary policy meetings of ECB, Fed, and the Bank of Japan.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.82 or 1.36% at $60.49 a barrel.

Gold futures are down $80.10 or 2% at 3,939.60 an ounce, while Silver futures are lower by $0.259 or 0.55% at $46.515 an ounce. Copper futures are down $0.0425 or 0.82% at $5.1290 per pound.