Bay Street Likely To Open On Weak Note

(RTTNews) - Canadian shares are likely to open on a negative note on Monday, weighed down by falling crude oil and bullion prices. Concerns about tensions in the Middle East and caution ahead of U.S. inflation data are also likely to pull down stock prices.

Mullen Group Ltd. (MTL.TO) announced Monday that it has secured a new $125 million credit agreement with PNC Bank Canada Branch.

Constellation Software Inc (CSU.TO) is likely to be in focus followint RBC raising the stock's target price to C$3,900 from C$3,400.

The Canadian market ended modestly higher on Friday thanks to data showing stronger than expected job growth in the U.S. in December.

The benchmark S&P/TSX Composite Index finished the day well off its early highs but still closed up 66.20 points or 0.3% at 20,937.55.

The data from the Labor Department initially raised concerns about the outlook for interest rates, but positive sentiment prevailed as traders digested the details of the report, which also showed notable downward revisions to job growth in October and November.

Data from Statistics Canada showed Canadian employment was virtually unchanged in December, while the unemployment rate held steady at 5.8%.

Asian stocks closed mostly lower on Monday after moving in a narrow range, as Mid East worries persisted. Investors also looked ahead to inflation data from China, Japan an the U.S., due later in the week.

European stocks are turning in a mixed performance in cautious trade with investors awaiting crucial U.S. inflation data for direction.

In commodities, West Texas Intermediate Crude oil futures are down $2.59 or 3.51% at $71.22 a barrel.

Gold futures are down $22.80 or 1.11% at $2,027.00 an ounce, while Silver futures are lower by $0.225 or 0.97% at $23.090 an ounce.