Bay Street May Open On Weak Note

(RTTNews) - Weak crude oil prices and lower earnings from Bank of Montreal and Bank of Nova Scotia may weigh on sentiment and set up a weak start for Canadian shares Tuesday morning.

Bank of Montreal (BMO.TO) reported a net income of $1,865 million for the third-quarter of this financial year, compared with $1,565 million a year ago. Adjusted net income came in at $1,981 million in the latest quarter, compared to $2,148 million the previous year's third quarter.

Bank of Nova Scotia (BNS.TO) reported third-quarter net income of $1,912 million, compared to $2,192 million a year ago. Adjusted net income for this year's third quarter came in at $2,191 million, compared to $2,207 million a year ago.

Africa Oil Corp. (AOI.TO) has signed a call and put option agreement with three shareholders in Impact Oil and Gas Limited to purchase a material 7.0% interest in Impact. If exercised, the Option Agreement will increase Africa Oil's Impact shareholding to 39.5%.

Endeavour Mining plc (EDV.TO) and Lilium Gold have signed a settlement agreement, involving the State of Burkina Faso, in respect of the divestment of the Boungou and Wahgnion mines. Lilium will transfer the ownership of the Boungou and Wahgnion mines to the State and Endeavour will receive: a cash consideration of $60 million; and a 3% royalty on up to 400,000 ounces of gold sold from the Wahgnion mine.

On the economic front, preliminary data on Canadian wholesale sales for the month of July is due at 8:30 AM ET.

Canadian stocks moved moderately higher during trading on Monday, extending the strong upward move seen last Friday.

The benchmark S&P/TSX Composite Index rose 62.89 points or 0.3% to 23,348.97 adding to the 1.1% jump seen in the previous session to reach a new record closing high.

Asian stocks ended broadly lower on Tuesday as investors waited for looming U.S. inflation figures and earnings from AI darling Nvidia.

European stocks are slightly higher ahead of key US inflation figures and earnings from AI giant Nvidia.

French politics are in focus after President Emmanuel Macron refused to name a prime minister from the left-wing New Popular Front alliance (NFP), which won the most seats in last month's snap election.

In commodities, West Texas Intermediate Crude oil futures are down $0.41 or 0.52% at $77.01 a barrel.

Gold futures are down $8.40 or 0.33% at $2,546.80 an ounce, while Silver futures are down marginally at $28.995 an ounce.