Bay Street Likely To Open Higher
(RTTNews) - Canadian shares may open higher on Monday, tracking positive European stocks, and higher silver and copper prices. Weak crude oil prices and geopolitical tensions might limit weigh on sentiment.
Final data on manufacturing sales and wholesale sales in Canada for the month of February is due at 8:30 AM ET. A report on new motor vehicles sales is also due at $8:30 AM ET.
According to preliminary estimates, Canada's manufacturing sales and wholesale sales likely rose 0.7% and 0.8%, respectively. in February.
The Canadian market ended weak on Friday on widespread selling as concerns about inflation, uncertainty about the likely timing of interest rate cuts, and rising geopolitical tensions weighed on sentiment.
The benchmark S&P/TSX Composite Index ended with a loss of 210.12 points or 0.95% at 21,899.99. The index touched a low of 21,827.35. The index shed about 1.65% in the week.
Asian stocks ended weak on Monday as Iran's drone attack against Israel sparked worries about inflation and the outlook for interest rates.
European stocks are broadly higher despite tensions in the Middle East. Investors are weighing Israel's possible response to Iran's unprecedented drone and missile attack, which the Israeli government said caused limited damage.
Investors are cheering a report from Eurostat that showed industrial production in the eurozone rebounded in February, led by output increases in larger nations.
In commodities, West Texas Intermediate Crude oil futures are down $0.88 or 1.01% at $84.78 a barrel.
Gold futures are down slightly at $2,373.20 an ounce, while Silver futures are gaining $0.320 or 1.13% at $28.650 an ounce. Copper futures are up $0.0650 or 1.53% at $4.3235 per pound.
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