Bay Street Likely To Open On Mixed Note; Earnings In Focus

(RTTNews) - Canadian shares are likely to open on a mixed note Tuesday morning, tracking global cues, and reacting to earnings updates from Bank of Montreal and Bank of Nova Scotia.

With a slew of crucial economic data from Canada and U.S. due this week, the mood is likely to remain a bit cautious.

Bank of Montreal (BMO.TO) reported first-quarter net income of C$1.29 billion or C$1.73 per share, sharply higher than C$133 million or C$0.14 per share in the prior-year quarter. Excluding items, adjusted net income for the quarter was C$1.89 billion or C$2.56 per share, compared to C$2.16 billion or C$3.06 per share in the year-ago quarter.

Bank of Nova Scotia (BNS.TO) reported first quarter net income of $2,199 million compared to $1,758 million in the same period last year. Diluted earnings per share (EPS) were $1.68, compared to $1.35 in the same period a year ago.

The Canadian market climbed to a new high after a slightly weak start Monday morning, but retreated swiftly and spent the rest of the session in negative territory.

The benchmark S&P/TSX Composite Index, which advanced to 21,449.92 in early trades, ended down by 88.84 points or 0.41% at 21,324.31.

Asian stocks ended mixed on Tuesday after Japan's inflation topped estimates in January, adding to pressure on the Bank of Japan to make a significant policy shift in coming months.

Chinese shares advanced on reports that state-backed funds have poured more than 410 billion yuan ($57 billion) into onshore shares this year.

European stocks are turning in a mixed performance, with investors reacting to earnings updates and digesting a mixed batch of regional economic data.

In commodities, West Texas Intermediate crude oil futures are down $0.14 or 0.2% at $77.44 a barrel.

Gold futures are gaining $9.00 or 0.44% at $2,047.90 an ounce, while Silver futures are up $0.164 or 0.73% at $22.690 an ounce.