Bay Street Likely To See Mixed Open; Inflation Data In Focus

(RTTNews) - The Canadian market is likely to open on a mixed note on Tuesday, tracking commodity prices, and reacting to the nation's consumer price inflation data. Geopolitical tensions may weigh on sentiment.

Canadian inflation data for the month of March is due at 8:30 AM ET.

Canada monthly consumer prices edged up by 0.3% in February. The annual inflation rate in Canada slowed further to 2.8% in February 2024 from 2.9% in January 2024.

The core CPI in Canada edged up 0.1% month-over-month in February 2024. Annual core inflation rate in Canada slowed to 2.1% in February of 2024, the lowest level since March 2021, from 2.4% in January.

In company news, Barrick Gold Corporation (ABX.TO) reported preliminary first-quarter gold production of 940K ounces and 40K tons of copper, as well as sales of 910K ounces of gold and 39K tons of copper.

Despite a slightly positive start and a subsequent modest upmove, the Canadian market ended moderately lower on Monday, weighed down by losses in energy, real estate and technology stocks.

The benchmark S&P/TSX Composite Index ended down by 159.79 points or 0.73% at 21,740.20, near the day's low. The index advanced to 22,025.04 in early trades.

Asian stocks tumbled on Tuesday, as bond yields surged and the dollar climbed to more than five-month highs as Middle East tensions persisted and signs of resilient consumer demand in the U.S. meant the Federal Reserve could delay interest rate cuts this year.

European stocks are down firmly in negative territory amid signs of escalating tensions in the Middle East and uncertainty over the Fed's rate trajectory.

In commodities, West Texas Intermediate Crude oil futures are down $0.36 or 0.4% at $85.05 a barrel.

Gold futures are gaining $7.80 or 0.35% at $2,390.80 an ounce, while Silver futures are down $0.252 or 0.88% at $28.455 an ounce.