Canadian shares are likely to open higher Tuesday morning, tracking positive cues from European markets where stocks are surging up thanks to some upbeat earnings updates.
The mood, however, is likely to remain cautious with investors looking ahead to the Bank of Canada's monetary policy, due on Wednesday.
The central bank is widely expected to hold rates unchanged for now, but is seen hiking rates from mid 2022. The bank's outlook on inflation and growth will be eyed.
FirstService Corporation (FSV.TO) reported adjusted EBITDA of $94.2 million for the third quarter ended September 30, 2021, compared to $88.7 million in the year-ago quarter. Adjusted EPS came in at $1.50 for the latest quarter, as against $1.19 a year ago.
First Quantum Minerals (FM.TO), Canfor Corp (CFP.TO), Allied Properties Real Estate (AP.UN.TO) and Capstone Mining Corp (CS.TO) are scheduled to report their quarterly earnings later in the day.
The Canadian market closed modestly higher on Monday, extending its winning run to a fourteenth straight session, as energy and materials shares climbed up on rising oil prices. The benchmark S&P/TSX Composite Index ended with a gain of 68.69 points or 0.32% at 21,284.84, after hitting a fresh all-time high at 21,307.00.
Asian stocks ended mixed on Tuesday, with Japanese shares leading regional gains ahead of the October 31 lower house election, while fresh worries about China's property sector hit Hong Kong and mainland markets.
Chinese shares ended lower, with property developers coming under selling pressure after Modern Land missed a bond payment, adding to worries about wider effects of the debt crisis at behemoth China Evergrande Group.
European stocks are up firmly in positive territory with strong earnings updates lifting sentiment. Swiss lender UBS reported stronger than expected third-quarter earnings.
Lysol cleaning products maker Reckitt Benckiser Group raised its full-year forecast after delivering better-than-expected sales for the third quarter.
In commodities, West Texas Intermediate Crude oil futures for December are up $0.32 or about 0.4% at $84.08 a barrel.
Gold futures are down $1.60 or 0.1% at $1,805.20 an ounce, while Silver futures are lower by $0.122 or 0.5% at $24.470 an ounce.
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