Bay Street Likely To Open With Positive Bias

(RTTNews) - Canadian shares may open with a positive bias on Tuesday, tracking higher crude oil and metal prices. The focus is on the U.S. Presidential election, and the upcoming monetary policy announcement from the Federal Reserve. Investors will also be reacting to a slew of earnings updates, and key economic data.

In earnings news, Thomson Reuters Corporation (TRI.TO) reported operating profit of $415 million for the third quarter ended September 30, 2024, compared with $441 million a year ago.

Fortis Inc (FTS.TO) announced that it posted net earnings of $420 million or $0.85 per common share in the third quarter of 2024, compared up $394 million, or $0.81 per shares in the corresponding quarter last year.

Colliers International Group Inc (CIGI.TO) reported operating earnings of $109.7 million for the quarter ended September 30, 2024, compared with $70.9 million in the year-ago quarter.

On the economic front, Canada's trade data for the month of September is due at 8:30 AM ET.

Data on Canadian manufacturing and services sector activity in the month of October are due at 9:30 AM ET.

The S&P Global Canada Composite PMI dropped to 47.0 in September 2024 from 47.8 in August, marking a deeper contraction in private sector activity for the fourth consecutive month.

The S&P Global Canada Services PMI fell to 46.4 in September 2024, down from 47.8 in August, indicating a sharper contraction in the services sector for the fourth consecutive month and marking the steepest decline since March.

After a weak start and a subsequent swift recovery that resulted in a brief spell in positive territory, the Canadian market fell into the red around late morning on Monday, and finally ended the day's session on a flat note.

The benchmark S&P/TSX Composite Index ended at 24,256.06, up less than a point from the previous close. The index, which climbed to 24,353.36 early morning, dropped to a low of 24,162.22 at noon.

Asian stocks ended mostly higher on Tuesday after Chinese Premier Li Qiang expressed confidence that his government can pull off an economic recovery. Additionally, a private survey showed China's services activity expanded at the fastest pace in three months in October.

European stocks are mostly subdued today with investors digesting mixed earnings updates and awaiting interest-rate decisions from the Bank of England and the Federal Reserve later this week.

In commodities, West Texas Intermediate crude futures are up $0.44 or 0.63% at $71.91 a barrel.

Gold futures are gaining $3.50 or 0.13% at $2,749.70 an ounce, while Silver futures are up $121 or 0.37% at $32.730 an ounce.