Bay Street Likely To Open Weak

Canadian shares are likely to open on a weak note Tuesday morning, tracking lower commodity prices and weakness in European markets.

Worries about rising coronavirus cases and fresh lockdown measures in several parts of Europe may weigh on sentiment.

Preliminary data on Canada's manufacturing sales for the month of October is due at 8:30 AM ET. Manufacturing sales in Canada declined 3% from a month earlier to C$ 58.5 billion in September, following a 0.5% increase in August.

Organigram Holdings Inc. (OGI.TO) reported a 22% growth in net revenue to $24.9 million in the fourth quarter of financial year 2021, ocer the previous quarter, and up 22% from the same period in 2020.

Weston George Limited (WN.TO) reported adjusted net earnings of $359 million for the third quarter, up slightly from net earnings of $358 million in the year-ago quarter. Adjusted diluted net earnings per share came in at $2.39 in the third-quarter, compared to $2.32 per share a year ago.

The Canadian stock market ended weak on Monday, weighed down by losses in technology and healthcare sections. The mood was cautious amid worries about growth due to the surge in coronavirus cases in Europe and re-imposition of lockdown measures in several countries.

The benchmark S&P/TSX Composite Index, extending losses to a fourth straight session, ended with a loss of 134.26 points or 0.62% at $21,420.77, the day's low.

Asian stocks ended mixed on Tuesday as a worrying jump in coronavirus infections in Europe and uncertainty over the pace of future U.S. rate hikes kept underlying sentiment cautious.

European stocks are exhibiting weakness amid lingering worries about a surge in coronavirus cases in the continent, and investors weighing the prospects of U.S. rate hikes.

In commodities, West Texas Intermediate crude oil futures for December are down $1.05 or 1.37% at $75.70 a barrel.

Gold futures are down $9.90 or 0.55% at $1,796.40 an ounce, while Silver futures are lower by $0.457 or 1.88% at $23.840 an ounce.

For comments and feedback contact: editorial@rttnews.com

Follow RTT