The Canadian stock market is likely to open lower Tuesday morning, tracking weak global cues.
Lower crude oil prices may trigger selling in the energy section and weigh on the market.
In trade related news, the South China Morning Post reported, citing a source, that Chinese Vice Premier Liu He is set to lead a delegation to Washington this Saturday to sign the phase one trade deal with the U.S.
On Monday, the benchmark S&P/TSX Composite index, ended with a loss of 69.65 points, or 0.41%, at 17,098.56. The index recorded a fresh all-time high a session earlier.
In company news, Canadian Pacific Railway (CP.TO) said it has closed the transaction related to the acquisition of the Central Maine & Quebec Railway. The acquisition of CMQ in the U.S. remains subject to Surface Transportation Board approval.
The acquisition will provide CP customers with seamless, safe and efficient access to ports at Searsport, Maine and to Saint John, New Brunswick, via Eastern Maine Railway Company and New Brunswick Southern Railway.
Asian markets mostly closed lower on Tuesday, as investors booked profits amid thin holiday trading. Some of the regional markets including Japan, South Korea, Indonesia and Thailand, were closed for New Year’s Eve.
European markets are lower as well. Among the major markets in Europe, Switzerland and Germany are closed for New Year’s Eve, while the U.K. and France will close early afternoon.
In commodities, West Texas Intermediate Crude oil futures for February are down 0.77%, or 1.25%, at $60.91 a barrel.
Gold futures for February are gaining $6.60, or 0.44%, at $1,525.20 an ounce.
Silver futures for March are up $0.109, or 0.61%, at $18.110 an ounce, while Copper futures for March are declining $0.0225, or 0.8%, at $2.8110 per pound.
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