Bay Street Looks Headed For Another Positive Start

(RTTNews) - Canadian shares look set to open on a positive note on Tuesday, tracking higher crude oil prices and steady global markets despite rising concerns about inflation.

In company news, Thomson Reuters (TRI.TO) said it has finalized its planned uses of its approximate $2.3 billion of gross proceeds related to dispositions of shares in LSEG co-owned by the company and certain investment funds affiliated with Blackstone.

Approximately $2.2 billion will be returned to shareholders through a return of capital transaction consisting of a cash distribution of $4.67 per common share and a share consolidation, or "reverse stock split".

On the economic front, data on Canadian building permits for the month of February is due at 8:30 AM ET. The total value of building permits in Canada dropped by 4% from a month earlier to $9.8 billion in January 2023, after an upwardly revised 7.7% sump in the prior month.

The Canadian market ended on a strong note on Monday, lifted by gains in energy and materials shares. The benchmark S&P/TSX Composite Index ended with a gain of 178.39 points or 0.89% at 20,278.28, extending gains to a seventh straight session.

Asian stocks ended higher on Tuesday even as rising oil prices revived worries about inflation and weak U.S. manufacturing data added to the gloom surround the U.S. economy.

European stocks are broadly higher despite concerns about rising oil prices and its likely impact on inflation and growth. Investors are cheering the results of an ECB survey showing that consumer expectations for euro-area inflation fell for a second month.

In commodities, West Texas Intermediate Crude oil futures are up $0.69 or 0.86% at $81.11 a barrel.

Gold futures are down $1.60 or 0.08% at $1,998.80 an ounce, while Silver futures are gaining $0.044 or 0.18% at $24.065 an ounce.