(RTTNews) - Canadian stocks may open higher on Tuesday with firm precious metals prices set to trigger some strong buying in the materials space. Uncertainty surrounding U.S.-Iran peace talks could weigh on the market a bit.
Data from Statistics Canada showed the nation's trade surplus widened to $C$3.86 billion in June, from the C$3.7 billion in May to mark the largest surplus in over four years. Exports rose by 0.4% from the previous month to a record high of C$77.5 billion, while imports rose by 0.2% to a record of C$73.6 billion.
The S&P Global Manufacturing PMI for Canada is due out at 9:30 AM ET.
On the earnings front, Suncor Energy, Industrial Alliance, Ssr Mining, EQB and Boralex are scheduled to announce their quarterly results today.
Bay Street ended weak on Friday, weighed down by losses in materials and communications sectors.
The benchmark S&P/TSX Composite Index traded firmly negative before settling at 35,226.14, down by 279.70 points or 0.79%. The Canadian market was closed on Monday for Civic Holiday.
Asian stocks ended mostly higher on Tuesday as investors reacted to upbeat U.S. manufacturing data along with mixed messages regarding U.S.-Iran peace negotiations.
The U.S.-Iran conflict remained at a stalemate, with U.S. President Donald Trump insisting that negotiations with Iran are already underway and they have been given a "last chance" to reach an agreement.
Tehran denied holding direct talks with Washington and emphasized that the ongoing talks are only between Iran and Oman to ensure safe navigation through the Strait of Hormuz, a vital global oil shipping route.
European stocks are broadly higher today with some encouraging earnings updates, and data showing an notable improvement in U.S. manufacturing activity in the month of July aiding sentiment. Uncertainty about Middle East peace negotiations limit markets' upside.
In commodities trading, West Texas Intermediate crude oil futures are down $2.43 or 3% at $77.91 a barrel, coming off a high of $82.33 a barrel touched earlier in the day.
Gold futures are up $48.00 or 1.17% at $4,138.50 an ounce, while Silver futures are uup $2.229 or 3.85% at $60.085 an ounce.
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