Bay Street Likely To Open Flat

Canadian shares are likely to open on a flat note Tuesday morning as investors await a speech from the Federal Reserve Chairman Jerome Powell for directional clues.

While European markets are up slightly in cautious trade, commodity prices are somewhat sluggish.

Data on Canadian retail sales for April, and manufacturing sales and wholesales in the month of May, are due out on Wednesday and Thursday, respectively.

The Canadian market ended on a strong note on Monday, riding on gains in energy shares after crude oil prices rose sharply. The benchmark S&P/TSX Composite Index ended up by 156.77 points or 0.78% at 20,156.36, after climbing to a high of 20,222.55.

Asian stocks closed higher on Tuesday as concerns about the pace of expected monetary tightening eased after New York Fed President John Williams noted the recent inflation surge is likely a temporary phase.

European stocks are edging higher after some early weakness, with investors looking ahead to a speech from Jerome Powell later in the day.

In commodities, West Texas Intermediate Crude oil futures are down $0.70 or 0.95% at $72.96 a barrel.

Gold futures are up marginally at $1,783.20 an ounce, while Silver futures are lower by $0.025 or 0.1% at $26.000 an ounce.

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