June 18, 2024

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Bay Street Likely To See Cautious Start

2 min read

U.S. consumer price inflation data, due before the opening bell on Tuesday, is expected to significantly impact early moves on Bay Street.

The focus is also on U.S. President Joe Biden and Chinese leader Xi Jinping’s meeting on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco.

Teck Resources Limited (TECK.A.TO) will be in focus after Glencore Plc announced its binding agreement to acquire a 77% effective interest in Teck Resources’ steelmaking coal business, Elk Valley Resources or EVR, for $6.93 billion in cash.

Premium Brands Holdings Corporation (PBH.TO) reported adjusted earnings of $56.4 million in the third-quarter of the current financial year, compared to adjusted earnings of $61.3 million in the year-ago quarter.

The Canadian market ended on a positive note on Monday after staying firm right through the day’s session. Technology and energy stocks contributed to the higher close.

The benchmark S&P/TSX Composite Index ended with a gain of 54.68 points or 0.28% at 19,709.15, rising for a third successive session.

Asian stocks closed higher on Tuesday as investors eagerly awaited U.S. CPI data and a highly anticipated meeting between U.S. President Joe Biden and Chinese leader Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco.

A cautious undertone prevailed due to concerns about a possible U.S. government shutdown should Congress fail to pass a spending plan by Friday.

European stocks are turning in a mixed performance with investors digesting German ZEW economic sentiment figures and preliminary third-quarter gross domestic product data from the euro zone, and looking ahead to U.S. consumer price inflation data.

In commodities, West Texas Intermediate crude oil futures are down $0.12 or 0.16% at 78.14 a barrel.

Gold futures are lower by $1.20 or 0.06% at $1,949.00 an ounce, while Silver futures are up $0.082 or 0.37% at $22.440 an ounce.

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2023-11-14 08:10:15

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