February 8, 2023

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Bay Street Seen Opening On Cautious Note

2 min read

Canadian shares are likely to open on a cautious note on Tuesday amid worries about global slowdown and prospects of the Federal Reserve announcing a series of sharp interest rate hikes to combat inflation.

Data on Canada’s trade balance for the month of April is due at 8:30 AM ET. Canada posted a trade surplus of C$ 2.49 billion in March of 2022, narrowing from an upwardly revised C$ 3.08 billion surplus in the prior month. Imports rose by 7.7% to a record high of C$ 61.1 billion in March, while exports from Canada surged 6.3% over a month to a fresh record high of C$ 63.6 billion.

The Richard Ivey School of Business is scheduled to release the Ivey Purchasing Mangers Index score for May at 10 AM ET. The Ivey Purchasing Managers Index in Canada fell to 66.3 in April of 2022 from a 16-year high of 74.2 in the prior month.

The Canadian market ended marginally up on Monday after very nearly drifting down into negative territory in the final hour. Although gains in global markets helped keep sentiment positive, investors stayed cautious due to worries about growth and imminent interest rate hikes.

The benchmark S&P/TSX Composite Index ended with a gain of 28.36 points or 0.14% at 20,819.09, after scaling a low of 20,796.07 and a high of 20,931.94 intraday.

Asian stocks turned in a mixed performance on Tuesday after a sell-off in the U.S. bond market overnight fueled anxiety about a possible economic slowdown. The yield on the 10-year Treasury jumped back above 3% amid expectations that tightening plans by major central banks would keep interest rates elevated for an extended period.

European stocks are firmly down in negative territory, weighed down by concerns about growth ater data showed German factory orders fell for a third month in a row in April. A surprise 50-basis points hike in interest rate by the Australian central bank hurt as well.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.60 or 0.5% at $117.90 a barrel.

Gold futures are…

2022-06-07 07:53:53

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