TSX Poised For Lackluster Session - Canadian Commentary

(RTTNews) - Canadian stocks are poised for weak open Tuesday amid falling commodities, with traders awaiting reports on US consumer confidence and housing due out later in the day for further clues on the health of world's largest economy.

Elsewhere, Asian stocks ended mixed overnight in light trading as some of the regional markets remained closed for New Year's Eve. A flat close on Wall Street overnight and a lack of positive triggers rendered investor mood somewhat cautious heading into the New Year. Meanwhile, European shares are ticking higher in thin pre-holiday trading, although gains were capped due to market holidays across Europe.

U.S. stock futures were pointing to a marginally higher open.

On Monday, the S&P/TSX Composite Index snapped its six-session winning streak to edge down 6.58 points or 0.05 percent to 13,581.39.

The price of crude oil was lingering below the $100-mark Tuesday morning as traders cash in on recent gains before the end of the year. Crude for February shed $0.74 to $98.55 a barrel.

The price of gold was moving lower Tuesday morning, with the US dollar trading mixed versus a basket of currencies. After hitting a peak of near $1,700 an ounce this calendar year, gold was lingering around its 3-year low. Gold for February lost $5.80 to $1,198.00 an ounce.

In corporate news from Canada, Constellation Software (CSU.TO) announced that it had purchased 100 percent of the shares of Netherlands-based Total Specific Solutions through its wholly-owned subsidiary Constellation Software Netherlands B.V.

In economic news from the U.S, the Standard & Poor's will release its S&P/Case-Shiller house price index for October at 9 am ET. Economists expect house prices to have increased 1 percent month-over-month on a seasonally adjusted basis in October, the same pace of increase as in the previous month.

Elsewhere, the People's Bank of China vowed to maintain appropriate liquidity and continue a prudent monetary policy. Following the fourth quarter monetary policy committee meeting, the PBoC reiterated that it would keep the yuan basically stable. The central bank said it will push forward interest rate and exchange rate reforms. The bank added that it will bring about the reasonable growth in credit and social financing.