Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares may open on a mixed note Monday morning, tracking a weak lead from European markets and firm commodity prices.

The mood is likely to be cautious as investors await Canadian inflation data for the month of June on Tuesday.

U.S. President Donald Trump's announcement over the weekend that he would impose a 30% tariff on EU imports from August 1 has raised concerns about a trade war.

In Canadian corporate news, Wesdome Gold Mines Ltd. (WDO.TO) announced that its second quarter total gold production declined 3% from a year ago, while production sold rose 15%. For the year-to-date period, total gold production was up 14%, while production sold increased 20%.

Anthea Bath, CEO of Wesdome, said, "We delivered a solid second quarter, keeping us on track to achieve our full-year consolidated production guidance. As outlined in our 2025 outlook earlier this year, production remains weighted toward the second half, with the fourth quarter expected to contribute nearly one-third of total annual output."

On the economic front, final data on Canadian wholesale sales for the month of May is due at 8:30 AM ET.

Canadian stocks closed weak on Friday as US President Donald Trump intensified his tariff pressure on Canada. The benchmark S&P/TSX Composite Index settled at 27,023.25, down by 59.05 or 0.22%.

Blaming Canada for failing to check illicit drug entry via Canadian borders into the US, Trump announced plans to impose a 35% levy on imports from Canada starting next month. It is an increase from the current 25% imposed in March. He also added that any counter-tariff by Canada will be met by re-imposing the same number on Canada over and top of the 35%.

Asian stocks ended mixed on Monday despite U.S. President Donald trump intensifying his trade war with threat of 30% tariffs on the European Union and Mexico.

China's exports growth beat expectations in June, helping limit regional losses.

European stocks are broadly lower amid rising concerns about a potential trade war after Trump threatened that he would impose a 30% tariff on EU imports from August 1.

In commodities trading, West Texas Intermediate Crude oil futures are up $1.07 or 1.56% at $69.52 a barrel.

Gold futures are gaining $17.10 or 0.51% at $3,381.10 an ounce, while Silver futures are up $0.425 or 1.09% at $39.380 an ounce.