Canadian shares look headed for a strong start Tuesday morning, tracking gains in Europe and higher crude oil and bullion prices.
On the economic front, data released by Statistics Canada showed Canada's GDP expanded 1.4% in the first quarter of 2021 after growing by a downwardly revised 2.2% in the previous quarter.
GDP Growth Annualized in Canada decreased to 5.6% in the first quarter of 2021 from a revised 9.3% in the fourth quarter of 2020.
A report on Canada's manufacturing activity in the month of May will be released by Markit Economics at 9:30 AM ET.
The Canadian stock market snapped a four-day winning streak and ended notably lower on Monday, as investors largely stayed cautious and chose to take some profits amid a lack of positive triggers.
Healthcare, consumer discretionary, consumer staples, materials and industrials shares drifted lower. Energy stocks posted strong gains, while financial and technology stocks ended on a mixed note.
The benchmark S&P/TSX Composite Index, which opened at 19,909.58, a new high, ended the session with a loss of 121.19 points or 0.61% at 19,730.99, about 25 points off the session's low of 19,705.81.
Canopy Growth Corp. (WEED.TO) reported that its fourth-quarter net loss attributable to the company was C$699.98 million or C$1.85 per share, sharply narrower than C$1.30 billion or C$3.72 per share in the prior-year quarter.
Bank of Nova Scotia (BNS.TO) reported adjusted net income of C$2.48 billion or C$1.90 a share, in the three months ended April 30, compared with analysts' estimates of C$1.76 a share, based on IBES data from Refinitiv.
Asian stocks ended mixed on Tuesday even as surveys showed factory activity continued to expand in key Asian economies in May thanks to an ongoing recovery in global demand.
European stocks are up sharply, buoyed by data showing activity in the euro zone hitting a record high in April, and the rally in crude oil prices.
In commodities, West Texas Intermediate Crude oil futures are rising $2.09 or 3.15% at $68.41 a barrel.
gold futures are up $6.30 or 0.33% at $1,911.60 an ounce, while Silver futures are gaining $0.421 or 1.5% at $28.435 an ounce.
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