Bay Street Likely To Open On Positive Note

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(RTTNews) - Canadian shares may open higher on Monday as energy and materials sectors are likely to attract buyers thanks to firm crude oil and metal prices. With Canadian inflation data due this week, and the Federal Reserve's upcoming policy moves remaining a bit uncertain, the mood is likely to remain somewhat cautious.

Quarterly earnings update from Nvidia, due on Wednesday, is eyed as well.

The Canadian market ended notably lower on Friday, weighed down by losses in energy, industrials and materials sectors, and on uncertainty about Federal Reserve's interest rate trajectory.

The benchmark S&P/TSX Composite Index, which opened at 25,004.49 and dropped to a low of 24,814.91 around mid afternoon, ended the day's session at 24,890.68 with a loss of 158.99 points or 0.63%. The index posted a modest gain for the week.

Asian stocks turned in a mixed performance on Monday due to renewed concerns over Trump's potential tariffs and uncertainty over Fed's policy. Hong Kong's Hang Seng ended moderately higher after China's securities regulator said it will expand the scope of stock eligible to trade via Stock Connect.

Japanese markets fell sharply as Bank of Japan Governor Kazuo Ueda affirmed that the door remains open to more rate hikes and the central bank is seeking more clarity on U.S. economic policy under the incoming administration of President-elect Donald Trump.

Investors also digested downbeat data showing that Japan's core machinery orders fell for a second consecutive quarter.

European stocks struggled for direction on Monday as investors awaited speeches from ECB policymakers including chief Christine Lagarde later in the day for interest rate guidance.

Lingering concerns over potential impacts from U.S. President-elect Donald Trump's global economic policies also served to keep underlying sentiment cautious.

In commodities, West Texas Intermediate Crude oil futures are up $0.28 or 0.56% at $67.40 a barrel.

Gold futures are gaining $28.90 or 1.12% at $2,599.00 an ounce, while Silver futures are up $0.473 or 1.55% at $30.905 an ounce.

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Save for a few minutes at the start, the Switzerland market's benchmark index SMI stayed positive on Friday as lower oil prices and bond yields helped underpin sentiment. Additionally, weaker than expected jobs data from the U.S. has somewhat reduced the likelihood of the Federal Reserve raising interest rates at its next meeting later this month.

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Canadian Market Remains Firmly Up In Positive Territory

The Canadian market is up firmly in positive territory around noon on Friday thanks to weak oil prices and lower bond yields aiding sentiment. Additionally, weaker than expected jobs data from the U.S. has somewhat reduced the likelihood of the Federal Reserve raising interest rates at its next meeting later this month.

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Euro Slides Against Majors

The euro weakened against other major currencies in the European session on Friday.

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Bay Street Headed For Positive Start

Canadian stocks look headed for a positive start on Friday with concerns about inflation and interest rates easing a bit following a sharp drop in oil prices. Bond yields have dropped as well. U.S. non-farm payroll data for the month of September is likely to make an impact on investor sentiment.

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