Bay Street Likely To Open On Weak Note
(RTTNews) - Canadian shares look headed for a weak start Tuesday morning, tracking falling commodity prices and weak European markets. The mood is likely to remain cautious with investors awaiting policy meetings of the Bank of Canada and the European Central Bank, and U.S. jobs data, later this week.
The Canadian market ended notably lower on Monday, after staying weak right through the day's session due to sustained selling in energy stocks.
The benchmark S&P/TSX Composite Index ended with a loss of 152.43 points or 0.68% at 22,116.69, after plunging to a low of 220.014.86.
Asian stocks ended mixed on Tuesday, with Indian markets falling deep into the red as trends showed BJP falling below the majority mark in the Lok Sabha elections, contradicting the exit polls.
Losses elsewhere remained capped as weak U.S. data rekindled hopes for interest rate cuts by the Federal Reserve this year.
European stocks are down in negative territory as investors look ahead to Thursday's European Central Bank (ECB) meeting and the release of U.S. jobs data on Friday for directional clues.
In commodities, West Texas Intermediate Crude oil futures are down $1.42 or 1.91% at $72.80 a barrel.
Gold futures are down $19.70 or 0.82% at $2,349.60 an ounce. Silver futures are lower by $0.919 or 2.99% at $29.865 an ounce, while Copper futures are down $0.1045 or 2.24% at $4.5625 per pound.
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