Canadian Shares Look Headed For Mixed Open

Canadian shares are likely to open on a mixed note on Tuesday, with investors reacting to the latest economic data and tracking slightly lower commodity prices.

Lingering concerns about the Ukraine war, and prospects of higher interest rates may weigh on stocks and limit upside.

Data from Statistics Canada showed raw materials prices in the country decreased to 29.8% year-on-year in February, from 30.5% in January.

The data also said the industrial product price index rose 3.1% month-on-month in February, after rising 3% in January. Year-on-year, producer prices increased 16.4% in February over the same month in the previous year.

Air Canada (AC.TO) said it is acquiring 26 extra-long range versions of the Airbus A321neo aircraft to serve all North American and select transatlantic markets. Deliveries will begin in the first quarter of 2024. Air Canada’s A321XLRs will accommodate 182 passengers with 14 lie flat Air Canada Signature Class seats and 168 Economy Class seats.

Despite rising concerns about the impact of the ongoing war in Ukraine, the Canadian market ended on a firm note on Monday as higher commodity prices triggered strong buying in energy and materials sectors.

The benchmark S&P/TSX Composite Index, which hit a new all-time high of 22,023.76, ended the session with a gain of 190.66 points or 0.87% at 22,009.13, a new closing high.

Asian stocks ended higher on Tuesday despite concerns over rising geopolitical tensions and a hawkish commentary from Federal Reserve Chairman Jerome Powell.

European markets are modestly higher with bank stocks turning in a good performance amid expectations of interest rate hikes. Concerns about the impact of the ongoing war in Ukraine appear to be limiting markets’ gains.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.17 or 0.16% at $111.95 a barrel.

Gold futures are lower by $2.50 or 0.1% at $1,927.00 an ounce, while Silver futures are down $0.103 or 0.41% at $25.210 an ounce.