Markets Increasingly Skittish On Brexit Fears -- Canadian Commentary

(RTTNews) - Canadian stocks could see additional selling pressure Tuesday morning amid growing concerns the UK will exit the EU next week.

Uncertainty about the U.S. interest rate outlook could also keep investors on the sidelines until Wednesday afternoon.

The Federal Reserve kicks off a two-day meeting this morning. Most analysts say the Fed will postpone an interest rate hike in the wake of May's brutal U.S. jobs report.

A wait-and-see tone is expected, but data showing robust retail sales may have muddied the waters. Sales at U.S. retailers rose 0.5% in May, the government said this morning.

Meanwhile, crude oil futures continued to fall near $48 a barrel ahead of closely watched U.S. inventories data.

A build in stockspiles could accelerate the recent decline in oil prices.

In corporate news, Penn West (PWT.TO) will be in focus after shares soared on a deal after deal to sell its properties in Saskatchewan.

Valeant (VRX.TO) CEO Joseph Papa spent $4.9 million to buy shares of the beleagured drug maker.