Canadian stocks are predicted to begin with a variety of performances this Tuesday morning. This prognosis is influenced by fluctuations in commodity prices and data on U.S. consumer sentiment and job vacancies. With the U.S. central bank scheduled to announce its policy on Wednesday and significant Canadian economic data to be released later in the week, a sense of caution is likely to persist.
The Federal Reserve's two-day monetary policy meeting commences today, with a broad expectation that the interest rate will remain unchanged.
The definitive Canadian GDP data for November and the initial GDP figures for December are expected to be released on Wednesday. In addition, a report on Canada's manufacturing activity for January is due for release on Thursday.
Metro Inc. reported a net profit of $228.5 million for the first quarter, a decrease of 1.1% compared to the corresponding quarter of the previous year. The adjusted net earnings also saw a decrease of 1.1%, amounting to $235.0 million.
The Canadian market closed slightly higher on Monday, thanks to gains in the technology and real estate sectors. Healthcare, discretionary consumer goods, and utilities stocks also contributed to the gain. The atmosphere remained cautiously optimistic as investors anticipated significant economic data from Canada and the U.S., as well as the Federal Reserve's monetary policy announcement.
The S&P/TSX Composite Index concluded the day with a 74.78 point increase, or 0.35%, closing at a new 52-week high of 21,200.06. The index managed to bounce back from an early slide, progressively rising as the day unfolded.
Asian stocks displayed a mixed performance on Tuesday. The markets in China and Hong Kong experienced a downturn due to troubles in China's property sector, whilst rising tensions in the Middle East also impacted overall market sentiment.
European stocks are currently on the rise, despite reports of Germany's economy contracting in the last quarter of the previous year. Meanwhile, France's economy showed no growth in the final quarter of 2023, while Italy and Spain saw their economies strengthen by 0.2% and 0.6% respectively.
In the commodities sector, West Texas Intermediate Crude oil futures are down $0.44 or 0.59% at $76.34 a barrel. Gold futures have risen by $9.00 or 0.44% to $2,034.40 an ounce, whereas Silver futures have fallen by $0.11 or 0.05% to $23.240 an ounce.
