Bay Street Seen Opening With Slightly Positive Bias

(RTTNews) - Canadian stocks may open with a positive bias on Tuesday, tracking higher commodity prices and steady European markets. The focus will be on news with regard to the Middle East conflict.

Investors are hoping for a resumption of U.S.-Iran talks in Qatar to resolve differences over Strait of Hormuz and asset releases.

However, Iran's foreign ministry spokesperson, Esmaeil Baghaei said U.S. officials' trip to Doha had nothing to do with the Iranian delegation visiting the city and that no talks between the two sides were scheduled.

"Over the coming days, we will not have any negotiation meetings with the U.S. side at any level," he added.

Canadian GDP data for the month of April is due out at 8:30 AM ET. A preliminary estimate on Canadian GDP for the month of May is due as well.

The Canadian market closed weak on Monday as investors watched the ongoing Canada-U.S. talks over review of the Canada-United States-Mexico Agreement while weekend U.S.-Iran strikes renewed escalation concerns.

The benchmark S&P/TSX Composite Index ended down by 156.18 points or 0.45% at 34,823.82.

Asian stocks closed broadly higher on Tuesday as investors watched for a possible resumption of U.S.-Iran talks in Qatar to resolve differences over Strait of Hormuz and asset releases.

Asian stocks rose broadly on Tuesday as investors watched for a possible resumption of U.S.-Iran talks in Qatar to resolve differences over Strait of Hormuz and asset releases.

The major European markets are up firmly in positive territory today with technology stocks among notable gainers amid renewed optimism surrounding Artificial Intelligence. Fairy encouraging regional economic data, including reports on UK GDP, Germany and France's inflation data, contribute as well to the positive mood in the European markets.

In commodities, West Texas Intermediate Crude oil futures are up $0.47 or 0.65% at $71.22 a barrel.

Gold futures are up $5.80 or 0.15% at $4,044.70 an ounce, while Silver futures are up $0.758 or 1.29% at $59.390 an ounce.