Bay Street Likely To Open Flat
(RTTNews) - Slightly lower index futures and subdued commodity markets point to a flat start for the Canadian market on Monday.
With some key earnings updates due this week, the mood is likely to remain cautious. Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) are scheduled to announce their quarterly results on Tuesday.
National Bank of Canada (NA.TO) is also slated to announce its earnings this week.
The Canadian market ended higher on Friday, aided by gains in healthcare, technology and energy sections.
The benchmark S&P/TSX Composite Index, which touched a low of 19,681.77 and 19,883.57 intraday, settled with a gain of 59.92 points or 0.3% at 19,835.75. The index gained 0.1% in the week.
Asian stocks closed higher on Monday as investors cheered China's stimulus to ease market unrest and drive economic growth. Meanwhile, investors shrugged off data showing that profits at China's industrial firms extended a slump into a seventh month.
Chinese authorities announced a slew of measures over the weekend to bolster the country's equity markets and fuel an increase in spending. The measures included a 50% reduction in stamp duty on stock trades and a slower pace of initial public offerings.
China's securities regulator also approved the launch of 37 retail funds.
European stocks are up in positive territory Monday afternoon, despite Fed's hawkish stance on interest rates and the darkening economic outlook.
In commodities, West Texas Intermediate Crude oil futures are up marginally at $79.88 a barrel.
Gold futures are up $2.70 or 0.14% at $1,942.60 an ounce, while Silver futures are up $0.026 or 0.11% at $24.260 an ounce.
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