Despite gains in base and precious metal prices, Canada’s main stock index was near flatline on Tuesday, while investors kept an eye out for big bank earnings in Canada due this week. Bank of Nova Scotia reported a rise in Q1 profit thanks to higher interest rates, however Bank of Montreal reported a fall in its Q1 adjusted profit, having set aside a large reserve against potential credit losses in a volatile economy. The Royal Bank of Canada, Toronto-Dominion Bank and the National Bank of Canada will also report their quarterly results this week.
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After a record-setting week, U.S. markets were split again, and the Dow sunk further as the latest market rally took another breather. Traders are focused on key data later this week. Macy’s lost 3.37 per cent and Lowe’s dropped 1.87 per cent on weak guidance.
The Canadian dollar traded for 73.92 cents compared with 74.03 cents U.S. on Monday.
U.S. crude futures traded $1.05 higher at $78.63 a barrel, and the Brent contract added $0.88 to $83.41 a barrel.
The price of gold was down US$1.36 to US$2,030.03.
In world markets, the Nikkei was up 5.81 points to 39,239.52, the Hang Seng was up 156.06 points to 16,790.80, the FTSE was up 3.61 points to 7,687.91, and the DAX was up 120.67 points to 17,543.90.
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