Bay Street Likely To Open On Positive Note

RTTNews | 1389 days ago

(RTTNews) - Higher crude oil and bullion prices point to a higher open on Bay Street Tuesday morning. Worries about stringent restrictions on movements in certain cities in China due to a surge in new Covid cases might weigh on sentiment and limit market's upside.

In Canadian company news, George Weston Ltd (WN.TO) reported adjusted net earnings of $453 million for the third quarter, an increase of $88 million , or 24.1% over the year-ago quarter.

On the economic front, data on Canadian retail sales for the month of September, the new housing price index reading for October, are due at 8:30 AM ET.

The Canadian market ended marginally down on Monday. The mood was cautious due largely to concerns over a surge in Covid cases in China and rising geopolitical tensions.

The benchmark S&P/TSX Composite Index ended with a loss of 3.78 points or 0.02% at 19,977.13. The index dropped to a low of 19,787.05.

Asian stocks ended on a mixed note on Tuesday as fresh COVID-19 outbreaks and strict pandemic measures stoked concerns that Beijing might slow the reopening of its economy.

European stocks are broadly higher, with U.K. stocks outperforming as oil and mining stocks rebounded after suffering heavy losses in the previous session.

The mood is cautious amid uncertainty over Fed policy and fears over China's worsening COVID situation.

Investors are also reacting to mixed comments from ECB policymakers on the rate hike path. After several ECB officials hinted at slower rate hikes, ECB policymaker Robert Holzmann has backed another 75-bps rate hike at the next rate-setting meeting in December.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.43 or 1.8% at $81.17 a barrel.

Gold futures are up $8.00 or 0.46% at $1,747.60 an ounce, while Silver futures are gaining $0.353 or 1.7% at $21.225 an ounce.

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