Bay Street May Open On Positive Note

(RTTNews) - Canadian shares are likely to open with a slightly positive bias on Tuesday, tracking firm bullion prices.

However, with the Bank of Canada's interest rate decision, the ECB's policy announcement and a slew of economic data from the U.S., and the minutes from the Federal Reserve's most recent policy meeting due this week, the mood is likely to remain a bit cautious at times.

Upcoming earnings from U.S. banks JP Morgan, Wells Fargo and Citigroup are also in focus.

BlackBerry Limited (BB.TO) announced that it has joined hands with AMD to boost their capabilities in robotics-focused hardware with a platform to deliver enhanced performance, reliability, and scalability for robotic systems in industrial and healthcare sectors.

Cognizant Technology Solutions Corp. (CTSH) announced Tuesday a strategic alliance with Shopify Inc. (SHOP.TO) and Google Cloud to drive digital transformation and platform modernization for global retailers and brands.

The Canadian market recovered from early lows and settled just marginally down on Monday as investors stayed largely cautious ahead of some crucial economic events, including Bank of Canada's monetary policy announcement.

The benchmark S&P/TSX Composite Index, which dropped to 22,178.67 early on in the session, ended down 4.08 points at 22,260.30.

Asian stocks ended mixed on Tuesday as ceasefire talks between Israel and Gaza stalled, and more Federal Reserve officials warned about upside risks to inflation. Investors largely stayed cautious ahead of results from major U.S. banks.

European stocks are weak amid geopolitical tensions and uncertainty over rate cuts.

In commodities, West Texas Intermediate Crude oil futures are up $0.12 or 0.14% at $86.55 a barrel.

Gold futures are gaining $22.20 or 0.96% at $2,373.20 an ounce, while Silver futures are up $0.333 or 1.2% at $28.140 an ounce.