Bay Street Likely To Open Lower; Inflation Data In Focus

(RTTNews) - Canadian shares may open with a negative bias Tuesday morning, tracking weak global markets, and lower commodity prices. Canadian inflation data is likely to make a significant impact on sentiment.

Canadian Inflation data for the month of April is due at 8:30 AM ET. The annual inflation rate in Canada rose to 2.9% in March from the eight-month low of 2.8% in February. Annual core inflation rate in Canada slowed to 2% in March of 2024, the lowest level since March 2021, from 2.1% in February

The Canadian market ended on a firm note on Friday, lifted by strong gains in materials and energy sectors as commodity prices climbed higher amid rate cut bets and optimism about outlook for demand.

The benchmark S&P/TSX Composite Index ended with a gain of 165.54 points or 0.74% at 22,465.37, a few points off the day's high of 22,468.52. The index gained about 0.7% in the week.

Asian stocks ended lower on Tuesday on interest rate concerns as minutes of the May 2024 Reserve Bank of Australia meeting showed the central bank considered increasing interest rates during the meeting.

European stocks are down in negative territory amid concerns about inflation and the outlook for interest rates following cautious comments from some Fed officials.

In commodities, West Texas Intermediate Crude oil futures are down $1.49 or 1.88% at $78.31 a barrel.

Gold futures are down $10.40 or 0.42% at $2,428.10 an ounce, while Silver futures are lower by $0.371 or 1.14% at $32.055 an ounce.