Bay Street Seen Opening Lower On Geopolitical Concerns; Canadian Inflation Data In Focus

(RTTNews) - Canadian shares look headed for a weak start on Tuesday amid rising geopolitical concerns after Russian President Vladimir Putin updated nuclear doctrine.

Kremlin has warned that it would consider a nuclear strike if it was subject to a conventional missile assault supported by a nuclear power.

Higher bullion prices could trigger some buying in the metals section and limit market's downside a bit.

Data on Canadian inflation for the month of October is due at 8:30 AM ET.

The annual inflation rate in Canada fell to 1.6% in September, from 2% in the previous month. The September reading was the lowest since February 2021. Month on month, inflation dropped 0.4% in September.

The annual core inflation rate in Canada increased to 1.6% in September from 1.5% in the prior month. On a monthly basis, core consumer prices were flat in September, after falling by 0.1% in August.

George Weston Ltd. (WN.TO) reported adjusted diluted net earnings of $3.57 per common share in the third quarter, up $0.21 or about 6.3%, compared to a year ago.

The Canadian market closed on a firm note on Monday, lifted by gains in energy and materials stocks as commodity prices climbed higher amid an escalation in the Russia - Ukraine war.

The benchmark S&P/TSX Composite Index, which climbed to 25,082.87, ended with gain of 86.26 points or 0.35% at 24,976.94.

Asian markets close on a positive note on Tuesday amidst growing hopes of more stimulus measures and expectations from the rate review by the People's Bank of China due on Wednesday.

European stocks are notably lower amid an escalation in Russia - Ukraine war, and on uncertainty about U.S. interest rates and concerns over the impact of Donald Trump's second term as U.S. President.

In commodities, West Texas Intermediate Crude oil futures are down $0.34 or 0.48% at $68.82 a barrel.

Gold futures are gaining $25.10 or 0.96% at $2,639.70 an ounce, while Silver futures are up $0.201 or 0.64% at $31.425 an ounce.