Higher Commodity Prices Point To Positive Start On Bay Street

(RTTNews) - Canadian shares are likely to open with a positive bias Tuesday morning, tracking higher commodity prices.

The focus will be on Fed Chair Jerome Powell's speech at the Economic Club of Washington, D.C., for clues to any change in the U.S. central bank's rhetoric.

FirstService Corporation (FSV.TO) reported consolidated revenues of $1.02 billion for the fourth quarter of 2022, a 19% increase relative to the same quarter in the prior year.

Cineplex Inc. (CGX.TO) reported a net income of $10.2 million for the fourth quarter of 2022, as against a net loss of $21.8 million in the fourth quarter of the previous year.

On the economic front, data on Canada's trade balance for the month of December is due at 8:30 AM ET.

Canada posted a trade deficit of C$ 40 million in November of 2022, the first deficit in 11 months, after posting a downwardly revised surplus of C$ 130 million in the previous month. Exports fell by 2.3% to C$ 64.37 billion, while imports fell by a softer 2.1% to C$ 64.41 billion.

The Canadian market ended on a weak note on Monday after staying in the red right through the day's session. The market was weighed down by concerns about interest rates after data showed stronger than expected jobs growth in the U.S. in the month of January.

The benchmark S&P/TSX Composite Index ended with a loss of 129.42 points or 0.62% at 20,628.92, nearly 80 points off the day's low of 20,550.06.

Asian stocks ended mixed on Tuesday and the dollar rally paused as investors assessed the outlook for growth and interest rates in developed economies.

Investors awaited a speech by Federal Reserve Chairman Jerome Powell at the Economic Club of Washington later in the day for clues to any change in the U.S. central bank's rhetoric.

Chinese shares gained on continued optimism surrounding China's reopening with the world.

European stocks are turning in a mixed performance with investors making cautious moves amid concerns about growth. Investors await a speech by Federal Reserve Chairman Jerome Powell for clues to any change in the U.S. central bank's rhetoric.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.22 or 1.65% at $75.33 a barrel.

Gold futures are up $3.50 or 0.19% at $1,883.00 an ounce, while Silver futures are up $0.048 or 0.21% at $22.285 an ounce.