Bay Street Likely To See Muted Start
(RTTNews) - Canadian shares are likely to open on a muted note Tuesday morning, as investors await some crucial economic data from the U.S., and comments from several Fed officials for clues about the interest rate trajectory.
Movements are likely to remain somewhat rangebound in lackluster trade.
The Canadian market ended weak on Monday, losing for a third straight day, as uncertainty about the outlook for U.S. interest rates, and lower metal prices weighed on sentiment.
The benchmark S&P/TSX Composite Index, which fell to 21,466.60 in the first hour, losing more than 160 points, recovered gradually and finally ended the day's session at 21,587.88, down 51.22 points or 0.24% from the previous close. The index recorded its lowest close since March 5.
Asian stocks closed higher on Tuesday after a rally in several technology shares drove Wall Street to another record high overnight.
European stocks are modestly higher after Eurozone CPI was finalized at 2.6% year-on-year in May, up from April's 2.4% as widely expected.
The headline German ZEW Economic Sentiment Index ticked up to 47.5 in June from 47.1 in May while industry data showed U.K. grocery inflation fell for a sixteenth month in a row in June.
In commodities, West Texas Intermediate crude oil futures are up $0.07 at $80.40 a barrel.
Gold futures are down $4.70 or 0.21% at $2,324.30 an ounce, while Silver futures are down $0.136 or 0.46% at $29.255 an ounce.
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