Bay Street Likely To Open On Positive Note

(RTTNews) - Canadian shares are likely to open higher Tuesday morning, tracking firm crude oil prices, and firm European stocks. However, the mood is likely to remain cautious with investors awaiting crucial inflation data from the U.S., and the Canadian GDP report later in the week.

Data released by Statistics Canada showed manufacturing sales in Canada decreased to -1.5% in August from 1.4% in July.

Tilray Brands, Inc. (TLRY.TO) announced that its newly formed Alternative Beverages business unit will launch its portfolio of hemp-derived Delta-9 THC beverages in key markets across the U.S., beginning in October 2024.

AGF Management (AGF.B.TO) announced that it has partnered with Archer to help expand its separately managed accounts (SMA) model business. AGF will leverage the technology capabilities and infrastructure of Archer, a leading technology-enabled service provider to the investment management industry.

The Canadian market ended marginally up on Monday, led by gains in consumer staples, technology and energy sectors. Amid a lack of triggers, the market remained subdued for much of the day's trading session.

The benchmark S&P/TSX Composite Index ended up by 27.34 points or 0.11% at 23,894.71, a new closing high. The index hit a new record intraday high of 23,961.44 around mid morning, but pared gains subsequently.

Asian stocks advanced on Tuesday after China's central bank unveiled its biggest stimulus since the pandemic to support the economy and counter a prolonged downturn in the property sector.

The central bank said it would lower borrowing costs and inject more liquidity into the system that would free up more money for lending. Regulators also unveiled plans to support stable development of the stock market.

European stocks are up firmly in positive territory Tuesday afternoon, reacting to a slew of stimulus measures from China, including cuts to its benchmark interest rate to put the economy out of its deflationary funk and back towards the government's growth target.

In commodities, West Texas Intermediate Crude oil futures are up $1.65 or 2.34% at $72.02 a barrel.

Gold futures are down $1.90 or 0.07% at $2,650.60 an ounce, while Silver futures are gaining $0.105 or 0.34% at $31.190 an ounce.