The Canadian market is expected to open on a negative note Tuesday morning, impacted by declining crude oil and gold prices, as well as weakness in European markets.
The key focus this week will be on the Bank of Canada's interest rate decision, scheduled for later in the week.
The Bank of Canada is set to hold its policy meeting on Wednesday, where it is widely anticipated to announce another interest rate cut, potentially lowering the rate to 4.25%.
Colliers International Inc. (CIGI.TO) announced today that its subsidiary, Colliers Engineering & Design Australia, is acquiring Pritchard Francis Consulting, a privately-held, multi-discipline engineering consulting firm based in Western Australia.
Valeo Pharma Inc. (VPH.TO) has announced an agreement with Sagard Healthcare Royalty Partners, LP, amending the Secured Term Loan established between the two companies in July 2022.
A report on Canadian manufacturing activity for August is scheduled for release at 9:30 AM ET.
The S&P Global Canada Manufacturing PMI fell to 47.8 in July, down from 49.3 in June. This marks the sharpest contraction in operating conditions since December 2023 and extends the current period of decline to 15 months.
After an early uptick, Canadian stocks experienced pressure throughout the trading day on Friday before rebounding towards the close.
The benchmark S&P/TSX Composite Index surged in the latter part of the session, closing up 118.69 points or 0.5% at 23,346.18, just shy of the record closing high set on Monday.
Asian stocks ended on a subdued note Tuesday as investors awaited further U.S. economic data, including Friday's non-farm payroll report for August, to gauge the size of the Federal Reserve's anticipated rate cut later this month.
Signs of sluggish demand in China and escalating tensions in the Middle East also weighed on Asian markets.
European stocks are trading in negative territory as investors await comments from European Central Bank policymakers and the release of the U.S. ISM manufacturing survey later in the day for directional cues.
In commodities, West Texas Intermediate crude oil futures are down $1.16 or 1.56% at $72.39 a barrel.
Gold futures are down $10.00 or 0.4% at $2,517.60 an ounce, while Silver futures are lower by $0.608 or 2.09% at $28.535 an ounce.
