Bay Street Likely To Open Slightly Weak

(RTTNews) - Canadian shares are likely to open lower on Tuesday, tracking weak crude oil prices and weakness in European markets.

With the Federal Reserve set to announce its monetary policy on Wednesday, the mood is likely to remain a bit cautious. The Fed is widely expected to raise rates by 25 basis points.

Thomson Reuters Corporation (TRI.TO) reported earnings from continuing operations of $737 million or $1.56 per hare for the first quarter, lower than $1.018 billion or $2.09 per share in the same quarter a year ago.

Osisko Mining Inc. (OSK.TO) announced it has concluded a 50/50 joint venture agreement with a subsidiary of South Africa-based Gold Fields Limited (GFI), for the joint ownership and development of Osisko's Windfall gold project, located in the Abitibi region of Québec, Canada.

The Canadian market failed to hold early gains and ended marginally down on Monday due largely to some heavy selling at several counters in the energy sector.

The benchmark S&P/TSX Composite Index ended down 21.44 points or 0.1% at 20,615.10, near the day's low. The index climbed to 20,766.87 in early trades, before drifting lower as the day progressed.

Asian stocks ended on a mixed note on Tuesday, with weak manufacturing data from China and uncertainty over the U.S. debt ceiling limit keeping investors nervous.

Investors also looked ahead to the Fed and ECB meetings this week for additional clues on the economic and rate outlook.

European stocks are broadly lower amid renewed worries about growth after data showed a contraction in manufacturing activity in China. A slight increase in eurozone headline inflation in April is weighing as well.

In commodities, West Texas Intermediate Crude oil futures are down $0.16 or 0.21% at $75.50 a barrel.

Gold futures are up $3.60 or 0.18% at $1,995.80 an ounce, while Silver futures are down $0.280 or 1.1% at $24.950 an ounce.