Bay Street Seen Opening With Positive Bias
(RTTNews) - Canadian shares are likely to open with a slightly positive bias on Tuesday, tracking higher bullion prices and fairly steady European markets.
However, the mood is likely to remain cautious amid worsening energy crisis in Europe and on concerns about interest rate outlook.
The Canadian and U.S. markets remained closed on Monday for Labor Day holiday.
On Friday, the Canadian market ended on a firm note despite giving up a substantial portion of its gains.
The benchmark S&P/TSX Composite Index, which climbed to 19,478.27, ended the session with a gain of 128.13 points or 0.67% at 19,270.85, snapping a four-day losing streak.
Asian stocks gave up early gains and closed on a mixed note on Tuesday amid worsening energy crisis in Europe, and ahead of the ECB meeting this week.
European stocks are up in positive territory with China's pledge to make renewed efforts to boost its Covid-hit economy help underpinning sentiment.
The Chinese central bank announced a slew of measures, including increased debt issuances and infrastructure spending to shore up the flagging economy.
China's central bank slashed the amount of foreign-exchange deposits banks need to set aside as reserves for the second time this year in a bid to support tumbling yuan.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.40or 0.47% at $86.47 a barrel.
Gold futures are up marginally at $1,723.50 an ounce, while Silver futures are gaining $0.414 or 2.3% at $18.295 an ounce.
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