Bay Street Likely To Open On Subdued Note

(RTTNews) - Canadian shares are likely to open on a somewhat subdued note Monday morning amid a lack of significant triggers. Optimism about an interest rate cut by the Federal Reserve in September is likely to aid sentiment a bit, but investors may stay cautious and wait for some more data for directional clues.

Data on Canadian manufacturing sales and wholesale sales for the month of May, are due at 8:30 AM ET.

Corus Entertainment Inc. (CJR.B.TO) reported a net loss of $769.9 million for the quarter ended May 31, 2024, compared to net loss of $495.07 million in the corresponding quarter of the previous year.

Franco-Nevada (FNV.TO) and Osisko Gold Royalties (OR.TO) shares will be in focus after the companies said that they will invest $750 million in SolGold's (SOLG) under-development Cascabel gold and copper project in Ecuador in exchange for a portion of the gold produced from the mine.

The Canadian market scaled fresh intraday and closing highs on Friday, extending recent gains, as investors picked up stocks again, on rising hopes of interest rate cuts by the Federal Reserve this year.

The benchmark S&P/TSX Composite Index, which rose to 22,750.33, ended the day with a gain of 129.39 points or 0.57% at 22,673.52.

Asian stocks ended mixed on Monday as China's GDP data disappointed and the dollar firmed up on bets that Donald Trump will win the upcoming presidential election after an assassination attempt on his life Saturday.

China's Shanghai Composite index ended a choppy session marginally higher at 2,974.01 as the country's central bank left the medium-term lending facility rate unchanged and data showed China's economic recovery lost steam in Q2, piling pressure on Beijing to make a major economic stimulus announcement at a twice-a-decade policy meeting.

China's GDP expanded 4.7% year-on-year in the second quarter of 2024, the National Bureau of Statistics said. That was shy of expectations for an increase of 5.1% and down from 5.3% in the three months prior.

European stocks are broadly lower with investors taking some profits after three straight sessions of gains. The mood is a bit cautious as the attempt on former U.S. President Donald Trump's life has injected fresh uncertainty into an already tumultuous presidential campaign.

In commodities, West Texas Intermediate Crude oil futures are down $0.19 or 0.22% at $82.02 a barrel.

Gold futures are gaining $2.30 or 0.1% at $2,423 an ounce, while Silver futures are down $0.137 or 0.44% at $31.025 an ounce.