Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note on Tuesday with investors focusing on news about the ongoing conflict in the Middle East. U.S. President Donald Trump's ultimatum to Iran to open the Strait of Hormuz lapses today, and Tehran appears to be in no mood to strike a deal anytime soon.

With the warring nations continuing to engage in strikes, crude oil prices have surged higher, raising inflation and growth concerns, and possible monetary tightening by several central banks.

On the economic front, Canada's Ivey PMI reading for the month of March is due at 10 am ET.

In February, Canada's Ivey PMI rose to 56.6 from 50.9 in January, beating forecasts for a 51.1 score.

Pembina Pipeline (PPL.TO) announced that it is committed to delivering 5-7% compound annual fee-based adjusted EBITDA per share growth through 2030. The company noted that the outlook is underpinned by higher utilization across existing assets, contributions from sanctioned projects entering service, and a portfolio of development opportunities designed to extend the franchise.

Extending the gains from the three previous sessions, Canadian stocks inched higher on Monday as investors assessed ceasefire attempts to end the gulf war even as the U.S. ultimatum to Iran to open the Strait of Hormuz lapses tomorrow.

After opening just below the previous week's close, today the benchmark S&P/TSX Composite Index traded volatile earlier in the session but gained ground later before settling at 33,181.97, up by 73.75 points (or 0.22%).

Seven of the 11 sectors posted gains today, with the consumer discretionary sector leading the pack.

The U.S.-Israel attacks on Iran, termed Operation Epic Fury, which began on February 28 and rages to the sixth week today, entered a crucial phase this weekend.

Asian stocks ended mostly higher on Tuesday as major regional markets resumed trading after a long holiday weekend. Investors picked up stocks amid optimism about a possible end to the Iran war as the 8 p.m. EDT Tuesday deadline set by U.S. President Donald Trump approaches.

After a long weekend, European stocks are turning in a mixed performance today, with investors largely staying cautious, watching the developments on the geopolitical front.

In commodities trading, West Texas Intermediate Crude oil futures are up $3.13 or 2.78% at $115.54 a barrel.

Gold futures are down marginally at $4,685.00 an ounce, while Silver futures are down $0.602 or 0.83% at $72.245 an ounce.