Canadian Stocks May Swing Between Gains And Losses Ahead Of Key Rate Decisions
(RTTNews) - Canadian stocks are likely to swing between gains and losses on Tuesday with investors tracking the trend in the commodities market and continuing to assess the developments on the geopolitical front. With the focus on key central bank meetings, the mood is likely to remain cautious for much of the day's session.
The Bank of Canada and the Federal Reserve are scheduled to announce their interest rate decisions on Wednesday. The European Central Bank and the Bank of England's policy announcements are due on Thursday.
Bay Street closed lower on Monday amid rising oil supply concerns after the U.S. cancelled peace talks with Iran, leaving the Strait of Hormuz to remain shut.
The benchmark S&P/TSX Composite Index ended the session with a loss of 85.92 points or 0.25% at 33,818.19.
Asian stocks ended mostly lower on Tuesday as U.S.-Iran talks remained at a standstill and investors braced for the earnings releases of the Magnificent Seven companies this week.
European stocks are turning in a mixed performance today with investors assessing U.S.-Iran issue and looking ahead to monetary policy announcements from central banks, including the Fed, the European Central Bank and the Bank of England.
In commodities, West Texas Intermediate Crude oil futures are up $4.76 or 4.94% at $101.13 a barrel.
Gold futures are down $112.90 or 2.41% at $4,580.80 an ounce, while Silver futures are down $2.685 or 3.58% at $72.340 an ounce.
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