Bay Street Likely To Open On Positive Note
(RTTNews) - Canadian stocks may open on a positive note on Tuesday, tracking higher crude oil and gold prices, and expectations of a rate cut from the Bank of Canada and the Federal Reserve next week.
With some crucial economic data, including U.S. consumer price inflation report, due later in the week, the mood in the market may remain a bit cautious at times.
The Canadian market ended lower on Monday due largely to profit taking after recent gains.
The benchmark S&P/TSX Composite Index ended with a loss of 22.90 points or 0.08% at 29,027.73, well off the day's low of 28,893.86.
Asian stocks turned in a mixed performance on Tuesday amid global political turmoil and ahead of key U.S. inflation readings due this week that could influence the Federal Reserve's rate trajectory.
China's Shanghai Composite index dipped after data showed China's export growth slowed to the weakest in six months. Chipmaking giant SMIC plummeted 10.3 percent after an acquisition deal.
The major European markets are turning in a mixed performance with investors mostly making cautious moves, looking ahead to some crucial economic data from the U.S., and closely following the political developments in France.
In commodities, West Texas Intermediate Crude oil futures are up $0.63 or 1.01% at $62.89 a barrel.
Gold futures are gaining $18.60 or 0.51% at $3,696.00 an ounce, while Silver futures are down $0.017 or 0.04% at $41.885 an ounce.
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