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TSX Set To Open Higher As Markets Await Trump's Trade Speech

stockmarkets jan04 12nov19 lt

The Canadian stock market is seen opening slightly higher on Tuesday, with energy stocks likely to be in focus as oil prices rose further above $62 a barrel on hopes that U.S. President Donald Trump may signal progress on trade talks.

Gold prices slipped on improved risk appetite, with markets in Asia and Europe rising ahead of Trump's speech on trade policy.

Investors are pinning hopes that Trump will probably delay the tariff decision on cars and auto parts imported from the European Union for another six months.

Trump's speech at the Economic Club of New York may also offer insights on the status of trade talks between the United States and China.

Comments on trade from the president could prove key to Fed Chair Powell's outlook when he testifies before the Congressional Joint Economic Committee on Wednesday.

In corporate news, VIVO Cannabis Inc. said it has received conditional approval from the Toronto Stock Exchange to graduate from the TSX Venture Exchange and list its common shares on the TSX.

Elsewhere, Asian markets ended broadly higher and European stocks are gaining ground despite lingering uncertainty about the U.S.-China trade deal and an escalation of violence in Hong Kong.

Hong Kong police fired tear gas in the heart of the Central financial district and at two university campuses to break up pro-democracy protests as transport was disrupted by protesters for the second day running.

The British pound declined against its major counterparts in the European session after the Brexit Party leader Nigel Farage rejected Conservative calls to stand down candidates in Labour-held seats in the general election.

After confirming that his candidates would not fight in Tory held seats, Farage said the he would not give up any more seats in Labour areas to deliver Brexit.

The benchmark S&P/TSX Composite Index ended up 5.41 points, or 0.03 percent, at 16,882.83 on Monday, after scaling a low of 16,819.85 and a high of 16,895.12 in the session.

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