Bay Street Likely To Open On Flat To Slightly Positive Note

(RTTNews) - The Canadian market may open on a flat to slightly positive note on Tuesday with investors digesting the nation's inflation data, and awaiting earnings updates from big name U.S. banks, due later in the day.

Worries about tariff may weigh on sentiment and limit market's upside.

Data from Statistic Canada showed Canadian inflation rate increased to 1.9% annually in June, from 1.7% a month earlier. Core consumer prices in Canada increased 2.7% in June over the same month in the previous year.

The Consumer Price Index increased 0.1% in June over the previous month. MoM, core inflation rate decreased to 0.1% in June from 0.6% in May of 2025.

A separate data from Statistics Canada showed manufacturing sales in Canada decreased by 0.% in May from -2.8% in April.

The Canadian market closed on a firm note on Monday despite trade uncertainty, thanks to strong buying in the consumer sector. The benchmark S&P/TSX Composite Index, which climbed to a high of 27,219.33 around mid-afternoon, ended the day's session at 27,298.85, up 175.60 points or 0.65%.

Asian stocks closed higher on Tuesday as traders brushed off U.S. President Donald Trump's tariff threats and reacted positively to Chinese GDP data for the first half of 2025. China's economy grew 5.3% in the first half of 2025, according to data released by the National Bureau of Statistics.

European stocks are turning in a mixed performance with investors largely making cautious moves, assessing the likely move the Trump administration with regard to tariffs.

In commodities trading, West Texas Intermediate Crude oil futures are down slightly at $66.95 a barrel.

Gold futures are gaining $4.20 or 0.13% at $3,363.30 an ounce, while Silver futures are down $0.137 or 0.35% at $38.605 an ounce.