FX.co ★ Bay Street Likely To Open On Subdued Note

Canadian shares are poised for a subdued start on Tuesday morning as investors seek directional insights. The upcoming U.S. producer price inflation data could provide some indications about the interest rate outlook. Additionally, attention will be on U.S. consumer price inflation figures and a speech by Fed Chair Jerome Powell scheduled for later in the week.

In corporate earnings news, Hydro One Ltd. (H.TO) reported a first-quarter net income of $293 million, up from $282 million in the corresponding period last year.

Keyera Corporation (KEY.TO) announced a first-quarter net earnings of $70.9 million, compared to $137.8 million in the previous year.

Hudbay Minerals Inc (HBM.TO) posted net earnings of $18.5 million for the first quarter, down from $33.5 million in the fourth quarter of 2023.

On the economic front, data on new motor vehicle sales in Canada for March is set to be released at 8:30 AM ET, along with the final report on Canadian wholesale sales for the same month.

The Canadian market closed slightly lower on Monday, with declines in materials and technology stocks weighing on the performance. The benchmark S&P/TSX Composite Index, which peaked at 22,370.68 in early trading, ended the session at 22,259.17, shedding 49.76 points or 0.22%.

Asian markets concluded Tuesday’s session with a narrowly mixed performance, amid cautious sentiment ahead of the U.S. inflation data release that could shape interest rate expectations.

European stocks are exhibiting a mixed trend as investors process recent regional economic data and await critical U.S. inflation figures.

In the commodities market, West Texas Intermediate crude oil futures have decreased by $0.22 or 0.28% to $78.90 per barrel.

Gold futures have risen by $6.50 or 0.28% to $2,349.50 an ounce, while silver futures are up by $0.152 or 0.53% at $28.595 an ounce.