Bay Street Likely To Open Lower

(RTTNews) - Canadian shares look headed for a weak start Monday morning, tracking lower commodity prices and weakness in European markets after data showed Chinese economy grew at a slower than expected pace last quarter.

In Canadian economic news, data on Canadian wholesale sales and new motor vehicles sales, both for the month of May, are due at 8:30 AM ET.

In company news, Hut 8 Mining Corp. (HUT.TO) announced on Monday that it will combine with U.S. Data Mining Group, Inc. dba US Bitcoin Corp in an all-stock merger of equals. The financial aspects of the deal are not revealed. The combined company will be named Hut 8 Corp. and will be a U.S.-domiciled entity.

Parex Resources (PXT.TO) announced today that it has abandoned one of its wells at a Colombia project after tests confirmed no economic hydrocarbons at the site.

The Canadian market ended slightly weak on Friday after posting gains in the previous three sessions. The benchmark S&P/TSX Composite Index ended with a loss of 15.57 points or 0.08% at 20,262.07. The index gained about 2.7% in the week.

Asian stocks ended weak on Monday, weighed down by data showing the Chinese economy grew less than expected in the second quarter.

China's GDP logged annual growth of 6.3% in the second quarter, faster than the 4.5% expansion in the first quarter, data from the National Bureau of Statistics revealed. However, this was weaker than economists' forecast of 7.3%.

European stocks are down firmly in negative territory on growth concerns. The major averages in the region, the U.K.'s FTSE 100, Germany's DAX and France's CAC 40 are down 0.27%, 0.6% and 1.33%, respectively. The pan European Stoxx 600 is down 0.61%.

In commodities, West Texas Intermediate Crude oil futures are down $1.12 or 1.49% at $74.30 a barrel.

Gold futures are lower by $3.70 or 0.19% at $1,960.70 an ounce, while Silver futures are down $0.169 or 0.67% at $25.025 an ounce.