Bay Street Seen Opening On Mixed Note; Inflation Data In Focus
(RTTNews) - Canadian shares are likely to open on a mixed note on Tuesday, with investors reacting to Canadian inflation data and tracking European stocks and commodity prices.
Data on Canadian inflation for the month of June is due at 8:30 AM ET.
The annual inflation rate in Canada fell to 3.4% in May of 2023 from 4.4% in the previous month, the lowest since June 2021.
The core inflation rate slowed more than expected to 3.7% in May. On a monthly basis, the CPI edged 0.4% higher, following the 0.7% increase in April.
Data on Canadian housing starts for the month of June is due at 8:15 AM ET.
Data on industrial produt prices and raw materials prices for the month of June are due at 8:30 AM ET.
The Canadian market ended weak on Monday, hurt by losses in communications, energy and utilities sectors.
The benchmark S&P/TSX Composite Index ended with a loss of 35.28 points or 0.17% at 20,226.79 after moving in a tight band between 20,192.59 and 20,256.79.
Asian stocks ended on a negative note on Tuesday, as weak commodity and iron ore prices weighed on sentiment. Weak GDP data from China continued to impact commodity price outlook.
European stocks are subdued in lackluster trade, with investors awaiting key economic data and earnings updates from the U.S. and major European nations.
In commodities, West Texas Intermediate Crude oil futures are up $0.32 or 0.43% at $74.47 a barrel.
Gold futures are gaining $10.40 or 0.53% at $1,966.80 an ounce, while Silver futures are up $0.087 or 0.35% at $25.105 an ounce.
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