Bay Street Likely To Open On Subdued Note

(RTTNews) - Flat Canadian index futures point to a subdued start for the Canadian stock market on Tuesday. With no solution in sight to end the Middle East conflict and reopen the Strait of Hormuz, and the crucial U.S. inflation data due later in the week, the mood on Bay Street is likely to remain cautious.

Higher commodity prices could trigger some buying in energy and materials stocks.

Franco-Nevada, Constellation Software, Exchange Income, Peyto Exploration, Pason Systems and Dream Unlimited are scheduled to report their second-quarter earnings today.

Royal Bank of Canada announced that it has agreed to sell jointly-owned Moneris Solutions Corporation, a commerce solutions provider, to Francisco Partners, a technology investment firm, for approximately $2 billion in cash.

Canadian stocks edged higher on Monday, extending the gains from Friday's session, thanks to a surge in oil-linked stocks following uncertainty over the Strait of Hormuz reopening.

The benchmark S&P/TSX Composite Index settled with a gain of 77.10 points or 0.21% at 36,458.33.

Asian stocks ended mixed on Tuesday, with Japanese markets closed for a holiday. Amid a lack of any breakthrough in Middle East talks and protracted uncertainty over the global inflation outlook, investors braced for key U.S. inflation readings due this week.

European stocks are mostly subdued today with investors somewhat reluctant to make significant moves due high oil prices and concerns about inflation amid continued uncertainty over the reopening of the Strait of Hormuz.

West Texas Intermediate Crude oil futures are up $0.34 or 0.33% at $82.47 a barrel.

Gold futures are up $33.60 or 0.75% at $4,453.30 an ounce, while Silver futures are gaining $0.172 or 0.27% at $65.100 an ounce.