The Canadian market is likely to open on a cautious note Tuesday morning with investors looking for directional clues. The data on Canadian manufacturing activity in the month of September, and U.S. job openings report could provide some cues.
S&P Global will release a report on Canadian manufacturing activity in the month of September at 9:30 AM ET. The S&P Global Canada Manufacturing PMI rose to 49.5 in August from 47.8 in July, signaling the softest contraction in operating conditions since March, and extending the decline to 16 months.
In Canadian corporate news, Colliers International Group (CIGI.TO) announced that it has extended the term of the management services agreement with its Global Chairman and Chief Executive Officer and largest shareholder, Jay Hennick, to January 1, 2029. The agreement was due to expire in April 2026.
Enbridge Inc. (ENB.TO) announced today that it has closed its acquisition of Public Service Company of North Carolina , Incorporated from Dominion Energy, Inc.
The Canadian market ended slightly up on Monday, lifted by gains in technology, real estate and energy sectors. The benchmark S&P/TSX Composite Index closed up 43.55 points or 0.18% at 24,000.37, after scaling a low of 23,824.16 and a high of 24,010.80 intraday.
The index gained about 2.8% in September, and climbed 9.7% in the July-September quarter.
Asian stocks turned in a mixed performance on Tuesday and the dollar rose after Federal Reserve Chair Jerome Powell hinted at smaller rate cuts. Geopolitical tensions also weighed after Israel launched ground operations in southern Lebanon.
Mainland Chinese markets were closed for a week starting today for the National Day holidays. Hong Kong markets were also closed but will reopen on Wednesday. South Korean markets were closed for Armed Forces Day.
European stocks are up in positive territory after flash data from Eurostat showed Eurozone inflation eased more than expected in September.
The harmonized index of consumer prices posted an annual increase of 1.8% compared to a 2.2% rise in August. Economists had forecast inflation to moderate to 1.9%.
Meanwhile, investors are shrugging off final estimates from S&P Global and Hamburg Commercial Bank (HCOB) that revealed manufacturing activity across the euro zone declined at its fastest pace this year in September.
In commodities, West Texas Intermediate crude oil futures are down $0.56 or 0.84% at $67.61 a barrel.
Gold futures are gaining $12.50 or 0.47% at $2,671.90 an ounce, while Silver futures are up $0.162 or 0.51% at $31.620 an ounce.