Canada's main stock index opened gradually higher on Tuesday as investor focus turned towards earnings reports from domestic banks amid worries over a faster tightening in monetary policy and a potential recession.
The TSX recovered from Monday’s losses to pick up 69.54 points in the first hour Tuesday to 20,044.46.
The Canadian dollar recovered 0.39 cents to 77.02 cents U.S.
Bank of Nova Scotia kicked off earnings for Toronto Exchange's heavily weighted financial sector after the country's third-largest lender reported quarterly profit a touch below estimates, but earnings rose on lending strength in international unit.
Scotiabank shares staggered, though, $2.58, or 3.2%, to $78.20.
Canadian banks are expected to post declines in quarterly profits on average as a murky economic outlook drives up provisions for credit losses, while market turmoil pressures capital markets and wealth management results.
ON BAYSTREET
The TSX Venture Exchange gained 8.13 points, or 1.3%, first thing Tuesday to 650.83
Seven of the 12 TSX subgroups were lower, as financial and communications stocks each dipped 0.7%, and utilities fell 0.6%.
The five gainers were led by energy and materials, each sprinting 2.8%, and gold, brighter by 2.2%.
ON WALLSTREET
Stocks rose Tuesday as markets attempted to recover from worst day since June.
The Dow Jones Industrials recuperated 30.21 points to 33,093.82.
The S&P 500 progressed 19.46 points to 4,157.45.
The NASDAQ Composite hiked 101.59 points, to 12,483.16.
Palo Alto Networks surged 9% on the back of strong quarterly results, while Zoom Video shares slumped 13% after the video conferencing company lowered its full-year forecast.
The Commerce Department reported sales of new homes tumbled in 12.6% in July, bringing the sales count to a seasonally adjusted annualized rate of 511,000.
Treasury prices gained ground, lowering yields to 3.01% from Monday’s 3.03%. Treasury prices and yields move in opposite direction.
Oil prices sank $3.11 to $93.47 U.S. a barrel.
Gold prices leaped $18.20 to $1,766.60 U.S. an ounce.
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