Bay Street Likely To Open On Mixed Note

2024-09-07 1781
(fxcue news) - Canadian shares may open on a mixed note on Tuesday with investors tracking commodity prices and looking ahead to key inflation data from the U.S. and the monetary policy announcement from the European Central Bank this week. In corporate news, Brookfield Asset Management (BAM.TO) announced today that it has agreed to invest up to US$1.1 billion in Infinium, a producer of commercially available ultra-low carbon eFuels. TC Energy Corp (TRP.TO) said that a deal to sell a minority stake in its Canadian natural gas pipeline system to indigenous communities has been delayed due to an identified transaction structuring issue. Centamin plc (CEE.TO) reported gold production of 93,278 ounces or oz in the second quarter, and gold sales of 102,563 oz from the Sukari Gold Mine. The Canadian market ended on a strong note on Monday thanks to some hectic bargain hunting at several counters after four successive days of losses. The benchmark S&P/TSX Composite Index ended up by 245.72 points or 1.08% at 23,027.15. The index touched a low of 22,879.16 and a high of 23,082.44 intraday. Asian stocks ended on a mixed note on Tuesday after the U.S. government proposed new sanctions on Chinese biotech firms. Investors digested Chinese trade data and looked ahead to the release of key U.S. consumer and producer inflation readings this week. European stocks are exhibiting some weakness in cautious trade as investors look ahead to key consumer and producer inflation readings from the U.S. this week for clues on the size of potential rate cuts by the Federal Reserve at its meeting next week. In commodities, West Texas Intermediate Crude oil futures are down $0.97 or 1.41% at $67.74 a barrel. Gold futures are up $1.60 or 0.06% at 2,534.30 an ounce, while Silver futures are gaining $0.134 or 0.47% at $27.785 an ounce.
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