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FX.co ★ Bay Street Likely To Open On Positive Note

Bay Street Likely To Open On Positive Note

Canadian shares are poised for a favorable opening on Tuesday, reflecting trends in European markets and bolstered by rising commodity prices. However, concerns surrounding tariffs could potentially restrain the market's upward trajectory.

The U.S. dollar has appreciated against other currencies following President Trump's announcement of planned extensive tariffs on the importation of steel, aluminum, copper, semiconductors, and pharmaceuticals, aimed at boosting domestic production of these goods.

Market participants are keenly anticipating monetary policy updates from the Federal Reserve, the Bank of Canada, and the European Central Bank. The Fed and BoC are slated to release their policy statements on Wednesday, with the ECB's announcement following on Thursday.

Metro Inc. (MRU.TO) has disclosed an increase in net earnings to $259.5 million for the first quarter of fiscal 2025, marking a 13.6% rise year-on-year. The company posted adjusted net earnings of $245.4 million for the same period, reflecting a 4.4% increase from the previous year.

The Toronto-Dominion Bank (TD.TO) has declared a domestic public offering of $1 billion CAD in medium-term notes, classified as subordinated debt of the bank. TD Securities Inc. will lead the notes' issuance and sale via a dealer syndicate.

Bitfarms Ltd. (BITF) announced a definitive Letter of Intent to sell its 200 MW facility in Yguazu, Paraguay, to HIVE Digital Technologies, Ltd (HIVE). This transaction is anticipated to finalize in the first quarter of 2025.

Canadian National Railway (CNR.TO) disclosed a tentative agreement on a new four-year contract with the union that represents about 750 signals and communications workers throughout Canada.

After a nine-day streak of gains, the Canadian market weakened on Monday, with a notable downturn in technology stocks due to persistent selling pressure. The energy and materials sectors were impacted by declining commodity prices.

Technology stocks faced challenges amid worries over the emerging influence of China's low-cost startup, DeepSeek, as a formidable AI model.

The S&P/TSX Composite Index opened with a significant negative gap at 25,347.93, subsequently declining to 25,204.06, and closed the session with a loss of 179.34 points or 0.7%, settling at 25,289.15.

Asian markets concluded predominantly lower in light trading on Tuesday, as exchanges in China, South Korea, Taiwan, and Indonesia remained closed for the Lunar New Year celebrations.

यह भी देखें: आप यहां एक ट्रेडिंग खाता खोल सकते हैं

Tariff concerns continue, with U.S. President Trump's Treasury Secretary nominee, Scott Bessent, advocating for new tariffs and cautioning against a 'calamity' for middle-class Americans if current tax cuts lapse at year's end.

European markets have rebounded firmly into positive territory by midday, recuperating from prior session losses, as investors concentrate on earnings reports and imminent policy announcements from the Federal Reserve and the European Central Bank.

In the commodities arena, West Texas Intermediate Crude oil futures have risen by $0.50 or 0.68%, currently at $73.67 per barrel. Gold futures are advancing by $11.10 or 0.41%, standing at $2,749.50 an ounce, while Silver futures have appreciated by $0.151, or nearly 0.5%, reaching $30.565 an ounce.

*यहाँ दिया गया बाजार का विश्लेषण आपकी जागरूकता को बढ़ाने के लिए है, यह ट्रेड करने का निर्देश नहीं है
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