Bay Street Likely To Open On Cautious Note

(RTTNews) - It's likely to be a cautious start on Bay Street Tuesday morning with investors reacting to Canadian inflation data.

Data from Statistics Canada showed inflation rate in Canada remained unchanged at 3.1% in November. The consumer price index increased 0.1% in November over the previous month.

Core inflation increased to 2.8% in November from 2.7% in the previous month.

Canada's producer price inflation decreased by 0.4% in November from a revised -0.9% in October. Year-on-year, producer prices dropped 2.3% after falling by a revised 2.6% in the previous month.

Raw materials prices fell 4.2% month-on-month in November, and dropped 4.6% from a year earlier.

In company news, Organigram Holdings Inc. (OGI.TO) reported a fiscal fourth-quarter net loss of $33 million, wider than a loss of $6.1 million a year earlier.

Endeavour Silver Corp (EDR.TO) announced Monday that it has launched an at-the-market offering of up to US$60 million of common shares.

The Canadian market ended on a firm note on Monday, riding on strong gains in energy and consumer discretionary sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 93.56 points or 0.46% at20,622.71. The index opened marginally up at 20,843.21 and climbed to 29.676.19 in early trades before paring some gains.

Asian stocks ended mixed on Tuesday amid uncertainty about the Federal Reserve's rate path after several Fed officials said it's too soon to talk about rate cuts. Investors looked ahead to the release of a slew of U.S. economic data this week for further direction.

European stocks are turning in a mixed performance with investors digesting the data on Eurozone inflation, and

Data from the statistical office Eurostat showed eurozone inflation eased to the lowest in more than two years in November. The harmonized index of consumer prices posted an annual growth of 2.4% in November after a 2.9% gain in October. The rate was the lowest since July 2021 and matched the initial estimate released on November 30.

Sentiment was underpinned somewhat after San Francisco Fed President Mary Daly said cuts to the U.S. central bank's benchmark rate are likely to be appropriate next year because of an improvement in inflation.

In commodities, West Texas Intermediate Crude oil futures are down $0.16 or 0.21% at $72.31 a barrel.

Gold futures are up $2.30 or 0.12% at $2,042.80 an ounce, while Silver futures are gaining $0.158 or 0.66% at $24.265 an ounce.