Bay Street Seen Opening On Mixed Note

Canadian shares are likely to open on a mixed note Tuesday morning with investors reacting to earnings updates and tracking commodity prices and weak European markets.

With the focus on the Federal Reserve's monetary policy announcement and its outlook on inflation and interest rates, the mood is likely to remain cautious and activity will largely stay stock specific.

The Canadian market ended marginally down on Monday after a lackluster session. The benchmark S&P/TSX Composite Index, which advanced to 20,216.81 in early trades, ended down by 23.47 points or 0.12% at 20,164.96, more than 40 points off the session's low of 20,121.75.

Teck Resources Limited (TECK_B.TO) reported second-quarter profit of C$260 million or C$0.48 per share compared to a loss of C$149 million or C$0.28 per share last year, reflecting positive market backdrop of improved commodity prices and progress on key projects. Revenues for the quarter grew to C$2.56 billion from C$1.72 billion in the prior year.

Celestica Inc. (CLS.TO) announced after trading hours on Monday that its revenue for the second quarter decreased by 5% to $1.42 billion from $1.49 billion in the second quarter of 2020.

TFI International Inc. (TFII.TO) reported second quarter net income from continuing operations of $251.1 million, up almost 400% from $50.5 million in the year-ago quarter, while adjusted net income came in at $137.2 million, up 104% compared to $67.2 million a year ago.

Asian stocks turned in a mixed performance on Tuesday as a sell-off deepened in some of China's most vibrant sectors and investors awaited this week's Federal Reserve meeting outcome for any new hints about when the U.S. central bank would pare back stimulus.

European stocks are in negative territory in early afternoon trades despite coming off early lows. The sell-off in the Chinese markets following a clampdown on businesses is weighing on sentiment. Investors, in addition to reacting to earnings announcements, are also closely following the updates about the spread of the coronavirus.

In commodities, West Texas Intermediate Crude oil futures for September are up $0.14 or 0.21% at $72.05 a barrel.

Gold futures are down marginally at $1,798.70 an ounce, while Silver futures are lower by $0.088 or $0.33% at $25.230 an ounce.

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