Bay Street Likely To Open Slightly Weak

(RTTNews) - Slightly lower futures, and weakness in European markets point to a negative start for Canadian stocks on Monday. The mood in the market is likely to remain cautious with investors awaiting a slew of crucial economic data this week.

Canada's GDP estimates for the month of July is due later in the week. It is expected that the Canadian economy grew by 0.1% in July.

On the U.S. economic front, data on consumer durable goods orders, personal consumption expenditure data for August and GDP data for the second quarter are due this week.

In corporate news, Pan American Silver Corp. (PAAS.TO) announced that it has completed the divestment of its 56.25% interest in the MARA project in Argentina and its 92.3% interest in the Morococha mine in Peru.

The Canadian market ended weak on Friday, losing for the fifth consecutive session. Worries about inflation, higher interest rates and economic slowdown weighed on the market.

The benchmark S&P/TSX Composite Index ended with a loss of 11.65 points or 0.06% at 19,779.97. The index, which climbed to 19,898.94 early on in the session, touched a low of 19,769.34. The index shed about 4.1% in the week.

Asian stocks ended mixed on Monday as concerns about China's property market returned to the fore and investors awaited inflation data from across the region for directional cues. Inflation data from Singapore, Australia and Japan's Tokyo region are due later this week.

European stocks are down firmly in negative territory, weighed down by concerns about China's property market and data showing a drop in German consumer sentiment.

In commodities, West Texas Intermediate Crude futures are down $0.12 or 0.12% at $89.91 a barrel.

Gold futures are down $2.10 or 0.11% at $1,943.50 an ounce, while Silver futures are lower by $0.039 or 0.16% at $23.895 an ounce.