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Bay Street Seen Opening Slightly Lower

Canadian shares are likely to open with a somewhat negative bias Tuesday morning, tracking weakness in European markets and lower bullion prices.

Final data on manufacturing sales for the month of August is due at 8:30 AM ET. According to preliminary estimates, manufacturing sales in Canada likely fell 1.2% in July of 2021, largely driven by lower sales in the wood product and petroleum and coal product industries. Sales had risen 2.1% in June.

Data on U.S. consumer price inflation is also likely to set the trend for the market. The data is expected to provide more clues on the health of the world's largest economy and when the Federal Reserve could start rolling back easy credit and other stimulus.

After trending lower over the past few sessions, Canadian stocks showed a modest move back to the upside during trading on Monday. The S&P/TSX Composite Index pulled back off its best levels but still edged up 33.35 points or 0.2% to 20,666.41 snapping a four-session losing streak.

Asian stocks ended mixed on Tuesday as investors awaited U.S inflation data for more clues on the health of the world's largest economy and when the Federal Reserve could start rolling back easy credit and other stimulus.

European stocks are largely subdued with investors making cautious moves, looking ahead to U.S. inflation data for hints on monetary policy outlook.

In commodities, West Texas Intermediate Crude oil futures are up marginally at $70.51 a barrel.

Gold futures are down $7.90 or 0.45% at $1,786.50 an ounce, while Silver futures are down $0.261 or 1.1% at $23.535 a barrel.

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