Bay Street May Open On Subdued Note; CPI Data In Focus

(RTTNews) - Slightly lower Canadian and U.S. futures, and weak bullion prices point to a negative start for the Canadian market on Tuesday. Investors will also be reacting to Canadian consumer price inflation data.

The CPI data, due at 8:30 AM ET, could provide some clue about the Bank of Canada's interest rate move. The Canadian central bank, which is scheduled to announce its rate decision on October 29th, is expected to cut rate by 25 basis points.

The Canadian market ended on a strong note on Monday, led by gains materials stocks as metal prices surged higher.

The benchmark S&P/TSX Composite Index, which climbed to 30,439.06 just a few after the opening bell, ended the day's session at 30,416.44, up by 307.96 points or 1.02%.

Asian stocks moved higher on Tuesday after U.S. President Donald Trump stated that the United States and China are on track for a significant trade agreement, adding that Beijing had been "very respectful" and was already paying "tremendous amounts of money" under existing tariffs.

China's Shanghai Composite index rallied 1.36% after data showed China's economy grew 4.8% in the third quarter of this year, outpacing consensus estimates driven by exports amid weak consumption and persistent deflation.

The major European markets are up in positive territory today amid optimism about some meaningful trade deal between the U.S. and China.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.45 or 0.78% at $57.92 a barrel.

Gold futures are down $82.20 points or 1.89% at $4,277.20 an ounce, while Silver futures are down $2.249 or 4.38% at $49.135 an ounce.