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

Canadian equities are poised for a subdued opening on Tuesday, influenced by declining commodity prices and weak performances in European markets. Investor sentiment is expected to remain cautious with key policy meetings from the Bank of Canada and the European Central Bank, along with U.S. jobs data, scheduled later in the week.

On Monday, the Canadian market closed significantly lower, dragged down by persistent selling in energy stocks. The S&P/TSX Composite Index dropped 152.43 points, or 0.68%, to close at 22,116.69, having hit an intraday low of 22,014.86.

Asian markets exhibited mixed results on Tuesday. The Indian markets experienced a steep decline, triggered by trends indicating the BJP falling below the majority mark in Lok Sabha elections, contrary to exit poll predictions. Other Asian markets experienced limited losses, as weak U.S. economic data fueled hopes for possible interest rate cuts by the Federal Reserve within the year.

European stocks are in negative territory, with investors anticipating the European Central Bank's meeting on Thursday and the release of U.S. jobs data on Friday, which could provide direction.

In the commodities markets, West Texas Intermediate Crude oil futures have dropped $1.42, or 1.91%, to $72.80 per barrel. Gold futures have decreased by $19.70, or 0.82%, to $2,349.60 per ounce. Silver futures are down $0.919, or 2.99%, at $29.865 per ounce, and Copper futures have fallen $0.1045, or 2.24%, to $4.5625 per pound.