Canadian Shares Might Open Mixed

(RTTNews) - Early cues suggest that Canadian markets might open mixed, ahead of a few Fed speeches on Tuesday. Gold futures are slightly gaining, while Silver futures are on a decline.

The latest reports from the Toronto Regional Real Estate Board showed that home sales increased 367 percent last month, compared with the year-ago period. There was a month-over-month increase of 22.9 percent which is attributed to lower borrowing costs.

The Nova Scotia area is suffering from heavy snow and low pressure and schools and offices as well as non-essential businesses remain closed. On the corporate front, Precision Drilling Corp. reported a surge in fourth-quarter earnings, despite a slight decline in revenue. The company reported earnings of $9.82 per share compared to $0.27 per share last year.

Canadian stocks tumbled on Monday and the benchmark S&P/TSX Composite Index lost 213.20 points or 1.01 percent at 20,871.89. Canadian markets were responding to prospects of an early interest rate cut.

Tuesday, the U.S. Futures Index suggests that Wall Street might open broadly higher. Asian shares finished broadly up, while European shares are trading mostly higher.

On the economic front, the three-year U.S. Treasury Note auction will be held at 1.00 pm ET. Four-month U.S. Treasury bill auction will be held at 11.00 am ET.

Boston Fed President Susan Collins will give opening and overview remarks before a virtual conference hosted by the Fed Governors and the Federal Reserve Banks of Atlanta, Boston, Cleveland, Philadelphia, San Francisco, and St. Louis at 2.00 pm ET.

Philadelphia Fed President Patrick Harker to speak before a Rowan Institute for Public Policy & Citizenship event at 7.00 pm ET.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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