Bay Street Likely To Open On Positive Note

(RTTNews) - Canadian shares look set to open on a positive note on Tuesday, tracking European stocks and higher crude oil prices. Canada's GDP data, due before the opening bell, is expected to significantly impact the mood.

The Federal Reserve and the Bank of England are scheduled to announce their monetary policies on Wednesday and Thursday, respectively. Another key event awaited this week is the release of U.S. non-farm payroll data on Friday.

Final data on Canada's GDP for the month of August is due at 8:30 AM ET. Preliminary reading for the nation's GDP for the month of September will also be out at that time.

The Canadian economy is expected to have grown by 0.1% in August.

Cameco Corporation (CCO.TO) reported third-quarter net earnings of $148 million, as against net loss of $20 million in the year-ago quarter. The company posted adjusted net earnings of $137 million in the third-quarter this year, compared to $10 million a year ago.

Toromont Industries (TIH.TO) reported third quarter net earnings of $145.6 million, compared to $123.1 million in the year-ago quarter.

After eight successive days of losses, the Canadian market turned in a positive performance on Monday, thanks to some strong buying in several sectors amid positive global cues.

The benchmark S&P/TSX Composite Index, which climbed to 18,966.82 in early trades, gaining nearly 230 points in the process, ended the day's session with a gain of 119.37 points or 0.64% at 18,856.76.

Asian stocks ended on a mixed note on Tuesday as China data disappointed and investors awaited cues from the upcoming Federal Reserve meeting.

The Japanese yen languished near a one-year low against the dollar after the Bank of Japan allowed more flexibility in the conduct of yield curve control.

European stocks are up firmly in positive territory with investors reacting to data showing a less than expected contraction in eurozone inflation, and looking ahead to policy announcements from the Federal Reserve and the Bank of England, due this week.

In commodities, West Texas Intermediate Crude oil futures are up $0.62 or 0.75% at $82.93 a barrel.

Gold futures are up $2.70 or 0.14% at $2,008.30 an ounce, while Silver futures are down $0.016 or 0.06% at $23.380 an ounce.