Bay Street Set To Open On Strong Note

(RTTNews) - Canadian shares look headed for a bright start on Tuesday, reacting to some buoyant earnings announcements from big name U.S. companies, and on positive cues from European markets.

Data from the Canada Mortgage and Housing Corporation showed housing starts in Canada decreased to 267,440 units in August from 275,160 units in July of 2022.

The Canadian market ended on a buoyant note on Monday, tracking positive cues from global markets. Strong earnings update from Bank of America, and bargain hunting contributed to market's upbeat close.

The benchmark S&P/TSX Composite Index, which climbed to 18,756.68, ended the session with a gain of 294.67 points or 1.61% at 18,621.02.

Asian stocks ended broadly higher on Tuesday, although Chinese markets slipped after the country delayed the release of its latest economic growth figures along with other key economic indicators amid the weeklong 20th Communist Party National Congress.

Investors breathed a sigh of relief after Britain's new finance minister announced a comprehensive retreat on the U.K. government's tax-and-spending plans on Monday in a bid to calm jittery markets and restore the government's credibility.

European stocks are up sharply, gaining for a fourth straight session, after the United Kingdom government reversed nearly all the tax cuts and a survey showed German economic sentiment improved in October.

Regional markets, however, came off their day's highs after the Bank of England disputed a report that it will further delay its quantitative tightening program. The pan European Stoxx 600 was up 0.4 percent at 400.13, extending gains for a fourth day.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.23 or 0.27% at $85.69 a barrel.

Gold futures are down $3.90 or 0.25% at $1,660.10 an ounce, while Silver futures are gaining $0.036 or 0.19% at $18.755 an ounce.