Bay Street Likely To Open On Positive Note

(RTTNews) - The Canadian market may open with a positive bias Monday morning with energy stocks finding support on higher crude oil prices after Russia and Saudi Arabia confirmed they will extend their production and export cuts until the end of the year.

Last week's data showing a smaller than expected increase in U.S. employment in the month of October, and an uptick in unemployment rate has eased concerns about the outlook for interest rates.

Investors are likely to closely monitor the developments on the geopolitical front, and look ahead to the a speech by Fed Chair Jerome Powell later this week.

On the economic front today, a report from Ivey Business School on Canadian economic activity for the month of October is due at 11:00 AM ET.

The Ivey Purchasing Managers Index in Canada eased to 53.1 in September, from August's 53.5, indicating a second consecutive month of modest expansion in economic activity, although at a softer rate.

Canadian stocks closed higher on Friday, with the benchmark S&P/TSX Composite Index closing higher for the fifth consecutive session.

The S&P/TSX Composite Index surged 198.51 points or 1% to 19,824.85, climbing further off last Friday's one-year low to reach its best closing level in well over a month. The index soared by 5.8% for the week.

Asian stocks rose for a fourth straight session on Monday and the dollar hovered near six-week lows as weak U.S. jobs and service sector activity data released on Friday helped ease worries about further rate hikes by the Federal Reserve.

European stocks are drifting lower amid concerns about economic slowdown after official data showed the downturn in eurozone business activity accelerated last month. HCOB's PMI, compiled by S&P Global, fell to 46.5 in October from September's 47.2, its lowest reading since November 2020.

In commodities, West Texas Intermediate Crude oil futures are up $1.43 or about 1.8% at $81.94 a barrel.

Gold futures are down $4.90 or 0.25% at $1,994.30 an ounce, while Silver futures are up $0.030 or 0.13% at $23.315 an ounce.