Bay Street Seen Opening On Mixed Note

(RTTNews) - The Canadian market is likely to open on a mixed note Tuesday morning, reacting to consumer price inflation data, and the trend in commodity markets. With the Federal Reserve's policy announcement due on Wednesday, the mood is likely to remain cautious again.

Data from Statistics Canada showed the inflation rate in Canada dropped to 2.8% in February from 2.9% a month earlier. The index increased 0.3% in February over the previous month.

Core inflation rate increased to 2.1% in February over the same month in the previous year. Month-on-month, core inflation rate remained unchanged at 0.1% in February.

Pembina Pipeline Corp. (PPL.TO) announced Tuesday that it has received a "no-action letter" from the Canadian Competition Bureau confirming that the Commissioner of Competition does not intend to challenge the proposed acquisition by Pembina of Enbridge's interest in the Alliance, Aux Sable, and NRGreen joint ventures.

K92 Mining Inc (KNT.TO) announced today that it has temporarily suspended underground operations at the Kainantu Gold Mine due to a non-industrial incident earlier this month.

The Canadian market ended slightly lower on Monday after a cautious session as investors seemed reluctant to make significant moves ahead of Canadian inflation data, due on Tuesday, and the Federal Reserve's policy decision on Wednesday.

The benchmark S&P/TSX Composite Index ended down 11.97 points or 0.05% at 21,837.18, after moving in a very narrow range between 21,810.40 and 21,874.61.

Asian stocks turned in a mixed performance on Tuesday with investors digesting policy announcements from Reserve Bank of Australia and the Bank of Japan, and awaitng the Federal Reserve's policy decision, due on Wednesday.

European stocks are swinging between gains and losses in cautious trade as investors look ahead to U.S. central bank's policy announcement.

In commodities, West Texas Intermediate Crude oil futures are up $0.10 or 0.12% at $82.82 a barrel.

Gold futures are down $7.90 or 0.37% at $2,156.40 an ounce, while Silver futures are lower by $0.190 or 0.72% at $25.080 an ounce.