Bay Street Likely To Open On Weak Note

(RTTNews) - Lower U.S. and Canadian futures, weak commodity prices and weak cues from Asian and European markets point to a negative open for stocks on Bay Street on Monday.

With some key interest rate decisions, and crucial economic data due this week, the mood is likely to remain cautious. Also, concerns about an escalation in the ongoing war in the Middle East may weigh on the market.

The Bank of Canada is scheduled to announce its interest rate decision on Wednesday. The European Central Bank's monetary policy announcement is due on Thursday.

Data on US GDP, personal consumption expenditure, jobless claims, and personal income & expenditure are among the major economic reports due this week.

Bausch Health Companies (BHC.TO) announced on Saturday that it has received approval from the Food and Drug Administration for Cabtreo, its tropical gel for acne.

The Canadian market ended notably lower on Friday, extending losses from previous sessions. The benchmark S&P/TSX Composite Index closed down 233.17 points or 1.2% at 19,115.64.

Asian stocks closed sharply lower on Monday as the Middle East conflict and the uptick in bond yields weighed on sentiment.

Reports of searches by Chinese tax authorities on Taiwan-based Foxconn Technology Co as well as anxiety ahead of the major tech earnings also weighed.

European stocks are down in negative territory, extending recent losses, amid concerns about the outlook for growth and interest rates, and fears the ongoing conflict in the Middle East could hurt global trade and the world economy.

In commodities, West Texas Intermediate Crude oil futures are down $0.55 or 0.61% at $87.53 a barrel.

Gold futures are down $4.70 or 0.25% at $1,989.70 an ounce, while Silver futures are lower by $0.129 or 0.55% at $23.375 an ounce.