Bay Street Likely To Open On Weak Note

(RTTNews) - The Canadian market is likely to open on a negative note Tuesday morning, weighed down by weak crude oil and gold prices, and weakness in European markets.

The focus will be on the Bank of Canada's interest rate decision due later in the week.

The Bank of Canada is set to hold its policy meeting on Wednesday. The Canadian central bank is widely expected to announce another interest rate cut, bringing down the rate down to 4.25%.

Colliers International Inc (CIGI.TO) announced today that its subsidiary Colliers Engineering & Design Australia is acquiring Pritchard Francis Consulting, a privately-held Western Australia multi-discipline engineering consulting firm.

Valeo Pharma Inc . (VPH.TO) announced today that it has into an agreement with Sagard Healthcare Royalty Partners, LP, which amends the Secured Term Loan entered into between the two companies in July 2022.

A report on Canadian manufacturing activity during the month of August is due at 9:30 AM ET.

The S&P Global Canada Manufacturing PMI fell to 47.8 in July, down from 49.3 in June, indicating the sharpest contraction in operating conditions since December 2023, and extending the current period of decline to 15 months.

After moving to the upside early in the session, Canadian stocks came under pressure over the course of the trading day on Friday before rebounding going into the close.

The benchmark S&P/TSX Composite Index surged in the latter part of the trading session, closing up 118.69 points or 0.5% at 23,346.18, just shy of the record closing high set on Monday.

Asian stocks ended on a subdued note Tuesday as investors awaited more U.S. economic data, including Friday's non-farm payrolls report for August to gauge the size of the Federal Reserve's rate cut later this month.

Signs of sluggish demand in China and heightened tensions in the Middle East also weighed on Asian markets.

European stocks are down in negative territory as investors await comments from European Central Bank policymakers and the release of the U.S. ISM manufacturing survey later in the day for directional cues.

In commodities, West Texas Intermediate crude oil futures are down $1.16 or 1.56% at $72.39 a barrel.

Gold futures are down $10.00 or 0.4% at $2,517.60 an ounce, while Silver futures are lower by $0.608 or 2.09% at $28.535 an ounce.