Bay Street May Open With Slightly Positive Bias

(RTTNews) - Slightly higher Canadian futures point to a positive start for the Canadian market Tuesday morning. Encouraging economic data from Europe may also aid sentiment. Once again, weak commodity prices could limit market's upside.

Key U.S. growth and inflation data remain on investors' radar ahead of the next Federal Open Market Committee meeting on April 30-May 1.

In company news, TC Energy Corp (TRP.TO) announced that its NGTL gas pipeline system in Alberta resumed normal operations after a rupture last week forced the company to reduce pressure on a segment of the line.

SNC-Lavalin Group (ATRL.TO), now known as AtkinsRéalis, announced that it has bagged a contract from the Groupe Heritage Ile-d'Orleans to support the development of the new Ile d'Orleans Bridge over the St. Lawrence River in Quebec.

The Canadian market ended modestly higher on Monday, thanks to strong buying at several counters in technology, consumer and real estate sectors, and eventually ended the day's session on a positive note.

Despite easing worries about geopolitical tensions, investors stayed a bit cautious ahead of a slew of crucial U.S. economic data.

The benchmark S&P/TSX Composite Index ended with a gain of 64.59 points or 0.3% at 21,871.96.

Asian stocks ended mixed on Tuesday as investors watched the latest developments in the Middle East and looked forward to earnings results from U.S. titans including Amazon, Apple, Netflix and General Motors for directional cues.

European stocks are up firmly in positive territory after a survey showed that business activity in the euro zone expanded at its fastest pace in nearly a year this month. Expectations of interest rate cuts by the European Central Bank and the Bank of England also help underpin investor sentiment.

The composite PMI increased from 50.3 to 51.4 in April on the back of a buoyant recovery in the bloc's dominant service sector.

Elsewhere in the U.K., a survey showed private sector activity in the country expanded for the sixth consecutive month in April. The composite PMI rose from 52.8 to 54.0, hitting an 11-month high.

In commodities, West Texas Intermediate Crude oil futures are down $0.79 or 0.97% at $81.11 a barrel.

Gold futures are down $27.00 or 1.16% at $2,319.40 an ounce, while Silver futures are lower by $0.240 or 0.88% at $27.005 an ounce.