Bay Street Likely To Open On Negative Note
(RTTNews) - Canadian shares look headed for negative start on Tuesday, tracking weak oil and metal prices. Concerns over fresh tariffs, and a looming U.S. government shutdown could weigh as well on sentiment.
Starting October 1, the U.S. government may go into a partial shutdown as Democrats and Republicans are locking horns over allowing temporary funding required to run the machinery.
A shutdown could delay releases of key U.S. economic data, including closely watched employment data for September, construction spending and possibly international trade data for August.
The Canadian market closed on a firm note on Monday as the threat of a partial U.S. government shutdown along with increasing expectations of a U.S. Federal Reserve rate cut increased gold prices and lifted commodity stocks.
The benchmark S&P/TSX Composite Index settled with a gain of 210.63 points or 0.71% at 29,971.91, slightly off the day's high.
Asian stocks ended mixed on Tuesday as investors fretted over a possible U.S. government shutdown, which could start at midnight (local time) if Congress fails to reach an agreement.
The major European markets are subdued today with investors largely staying cautious amid concerns over fresh tariffs by the Trump administration, and possibility of a government shutdown.
In commodities trading, West Texas Intermediate Crude oil futures are down $1.11 or 1.77% at $62.34 a barrel.
Gold futures are down $14.50 or 0.37% at $3,840.70 an ounce. Silver futures are lower by $0.691 or 1.47% at $46.325 an ounce.
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