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Bay Street Likely To Open On Weak Note
(RTTNews) - Canadian shares are likely to open lower on Tuesday, tracking weak European markets amid growing uncertainty over U.S. - EU trade talks. Weak crude oil and bullion prices may hurt as well.
The economic calendar is blank and there are no big earnings news as well. The mood in the market is likely to remain cautious and movements may well remain range-bound for much of the day's trading session.
The Canadian market ended roughly flat on Monday, paring early gains, as investors were reluctant to hold positions at higher levels. The benchmark S&P/TSX Composite Index, which climbed to 27,448.51, settled at $27,317.00, up by just 2.99 points or 0.01%.
With US President Donald Trump threatening to impose a whopping 35% tariffs on Canadian imports into the US, PM Mark Carney is finding ways to mend ties with the US and simultaneously build the internal economy as well.
Carney had acknowledged, though, some of the US tariffs would stay even if a bilateral agreement is sealed between both the nations.
Asian stocks ended mixed on Tuesday as trade tensions persisted and investors assessed the possible impact the potential tariffs could make on company's earnings.
The major European markets are weak amid uncertainty about the progress of U.S.-EU trade talks.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.61 or 0.91% at $66.59 a barrel.
Gold futures are down $3.00 or 0.07% at $3,403.40 an ounce, while Silver futures are lower by $0.034 or 0.11% at $39.300 an ounce.
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